In case anybody missed this fine article put up by Mortgage Servicing Fraud: - - - - ON: - - - -
“It’s not the Mortgage Brokers that caused the Meltdown; it is the ‘Financial Wizards of Wall Street’ who are to blame!
Everybody is looking for a scapegoat. They can't choose the "bankers" because that is too close to the truth... so they must blame the relatively independent "mortgage brokers" for the financial fiasco.
Simply put, the financial engineers in Wall Street firms packaged both mortgage and corporate debt into separate pools, added a hedging strategy which was supposed to mitigate any undue risk, submitted the derivatives package to the ratings agencies who rated the entire package as being "investment grade," which in turn allowed the Wall Street boys and girls to sell their packages to investors such as hedge funds, pension funds, mutual funds and other financial institutions and allowing them to pocket their multi-million bonuses in real dollars. Not promised dollars based on the performance of their products, but real commission dollars based on what others paid for these toxic packages…” See entire article at:
- - - - OFF - - - - Respectfully submitted by
1804 Cross Bend, Plano Texas