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Read F. William Engdahl (Score:1)

by grinder (1100) on 2008.02.28 18:22 (#61397) Homepage Journal

I find the writings of By F. William Engdahl to be very informative. He has just published a new essay on the asset securitisation debacle [321gold.com] in the USA. It contains a succinct passage that brings clarity to the issue I've not seen elsewhere:

Lending banks no longer needed to carry a mortgage loan on its books for 20-30 years as was traditional. They sold it on at a discount and used the cash to turn the next round of credit issuing.

That meant as well that the lending bank now no longer had to worry if the loan would ever be repaid.

emphasis mine. It's part of a series called The Financial Tsunami, currently up to part 5. Well worth tracking down, as are his books.

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