underwriting standards: Mortgage Mess Part 3
- 10/15/08 08:54 AM
Heads in the Sand As I explained yesterday greed led to the devastation of lending standards that had been around for decades. Today I want to cover four more reasons that led to this HUGE Mortgage Mess. First, after awhile no one on Wall Street truly knew what they were buying or providing the money for and the credit rating agencies like S & P, Moody's, Fitch's did not really know what they were insuring. Everyone thought that the mortgage lending standards of the past were not needed anymore and so old fashioned. Plus, Fannie Mae and Freddie Mac were still … (2 comments)
Heads in the Sand
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