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: Mortgage Lender Implode-o-Meter

Now I Get It? We?re Not Stopping the Foreclosure Crisis because it Affects Mostly Brown People!

By Implode-Explode Heavy Industries

"Want to know what those numbers show more than anything else? They show that more than 25 million American families are about to be wiped out, and endure a life changing event because Wall Street?s bankers abused the mortgage securitization process, knowingly creating bonds that appeared to ratings agencies to be ?triple A? but weren?t, which was necessary in order to sell them to pension plan investors, because at the same time they distorted and abused the usage of credit default swaps that allowed them to place bets against the defective bonds at 50:1 odds."

Full post as published by Mortgage Lender Implode-o-Meter on June 19, 2010 (boomark / email).