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 Originally Posted by Trashcona
Maybe this is the wrong thread, but can I ask who's dumbass idea it was to lend 100's of thousands of dollars to people who only earned minimum wage? Why are people(the banks) so stupid? It's almost as if these lending agencies put all of there eggs in one basket and in one big swoop, things turn to shit.
Mortgage brokers made these loans because they could immediately sell them to bigger companies who could then package them together and sell them to someone else as a high-yielding security without disclosing the level of risk. To me this is a perfect example of a need for gov't regulation, but I may be missing something.
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