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Reply #20: Agree - a rational person looking back would conclude that the [View All]

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banned from Kos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-31-11 03:08 PM
Response to Reply #19
20. Agree - a rational person looking back would conclude that the
bankers and borrowers were legally complicit in the mortgage meltdown.

Mortgage company offers you 120% LTV mortgage with $0 down? (BAD!) Borrower who fudges on docs accepts? (BAD!) Fly-by-Night mortgage company sells loan to Lehman? (BAD!) Lehman packages shit loans and S&P slaps AAA on 10,000 more like it? (BAD!).

Canada's regs prevented this - ours did not.
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