Oh come onBarney Frank pushes home loans to unqualified peopleFannie may issues the loansBig banks get stuck with them as usualBig banks bundle them as investment vehicles, as usualHome mortgages plunge as unqualified buyers defaultValue of Bundles drop ... but nobody knows how much since nobody knows actual count of defaultsBanks stuck with unpriceable bundles forced to take the hit, reducing assets on handBank stocks crashBooosh tarps the messYou guys are getting closer to the truth, but the narrative still has a teenie weenie flaw....Big banks were not "stuck with them as usual".They actively sought them out, and set up the mechanisms to sell even more trash, so they could bundle it. It wasn't just subprime. It was also Alt-A... and the majority of loans that defaulted WERE NOT LOANS TO POOR BORROWERS... but were rather loans to Biff and Jane Foxworth in places like suburban Phoenix, suburban Las Vegas, suburban Virginia and suburban Miami, Florida.
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