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Bankruptcy

: The Bankruptcy Blog

New Century Signed Contracts Limiting Number of "Bad Loan" Rejections

By Total Bankruptcy.

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An NPR report on the mortgage crisis detailed how investment banks willingly and knowingly accepted bad loans--to the extent that they had hard numbers on what to accept and what to reject. Economist Dean Baker has the gory details: According to its report, one investment bank had a contract with New Century, a leading issuer of subprime debt, that it would reject no more than 2.5 percent of its loans. Of course, such a contract would be an invitation to submit bad loans.

Full post as published by The Bankruptcy Blog on May 27, 2008 (boomark / email).

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