Posts Tagged ‘delinguent mortgages’

Here We Go Again: Wall Street’s New Plan To Make Money Off Delinquent Loans

I read about this on Mandelman Matters this morning and I couldn’t quite credit it, so I had to go digging for the original story, and sure enough, here it is. Wall Street actually wants to securitize delinquent mortgage loans on residential properties to sell to

investors who in recent months have been willing to accept lower-quality assets in return for greater yield.

In other words, investors who are willing to make riskier bets  for a larger return. Isn’t treating our residential mortgage market like it was a casino what got us into this mess in the first place?  Of course the Wall Street folks haven’t felt an ounce of pain from the economic collapse, so I guess everything has been hunky-dory for them.  Most of them are wealthy beyond imagining, at the cost of millions of foreclosures across America, millions of broken dreams and shattered lives. So, I guess it is no wonder that these same wizards would think nothing of doing the same thing again. 

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