re: #111 brookly red

More often than not the bad loans were “seasoned” with other good loans (something to cover the stink). They were purchased on wall st by investment banks and other agencies that used them to add to portfolios for pension and retirement funds, a lot of city pension and retirement plans took a big hit when these went down. Of course there was the insuring of these packages by groups like AIG, they were bought by others like Lehman bros., washington Mutual was a big player and of course there was countrywide. These things were like a disease infecting everything they came into contact with and like I said, the mortgage companies didn’t care because once they sold the loans they made their money.