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Originally Posted by GoldenRivet
Those mortgage companies will have to eat it.
They didnt "lend responsibly." and thats all there is to it.
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The problem is those invested in mortgage securities goes far beyond mortgage companies.
And many of the lenders aren't "eating" it. They are being saved (poorly) at taxpayer cost by a government arm headed by a man who lobbied both Congress and the SEC to relax financial industry regulation while he headed an investment bank.
PD