Jose: You"re right, as far as you go, but you stop too soon. Corrupt loan people couldn"t sell bad loans to Banks THAT HELD THEM-but the Banks re-sold them, to Wall St Houses, who "packaged" them and re-sold "slices" to end-buyers, who wanted the income stream from the mtgs. The usual requirements (down pmt, good job etc) were relaxed/ignored because everyone was getting huge commissions up front, and the risk was on the end-user. Appraisers (who didn"t get paid until loan sold)inflated values; rating agencies (paid by the Wall St Houses) gave the "slices" AAA ratings, guaranteeing them (but failing to keeep adequate reserves). The Wall St Houses created the instruments to sell to the "market"-the final buyers-assuring them everything was AAA when some of their own people were saying the paper was junk and collapse was coming. No, you"re not being foreclosed, and, yes, stupid people bought houses they couldn"t afford, as well as being lied to and defrauded outright, and if illegals leave, it"s a pure gain. But the people who were supposed to oversee Wall St, to avoid another 1929--the Fed, the SEC, etc etc--all either cheered everyone on (Yay, the economy"s booming!!) or looked the other way until the bubble popped. Now the dollar is trash (as you can see at the gas station, or when you buy parts) and guess who"s going to be stuck with the final bill. Email me.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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