Okay, so I saw the headline and thought "wow, are these guys behind on the news," but there is some new info in the article - the fraud we knew about, but some hard numbers and studies confirming it.
Subprime Fiasco Fed by Mortgage Fraud: "Fraud committed both by shady loan brokers and by devious borrowers, combined with poor underwriting, may account for up to 25 percent of subprime mortgage defaults made last year, reports Fitch Ratings, which analyzed a sampling of defaults."
Is this why we need a bailout? Because the banks have so many loans that cannot possibly be saved on the books?
Saturday, December 08, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment