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Author Topic: Housing Crisis Explained and Questions Answered  (Read 19985 times)
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Posts: 9340

« Reply #50 on: February 11, 2013, 04:12:08 PM »

"The breakdown of the world financial system was not due to faulty rating agencies"

The work was faulty but it is just strange to single them out for missing what everyone missed.

CBO missed it the same thing that S&P missed.  SEC missed it, OMB, GAO, Fannie, Freddie, the administration, the Treasury, the Fed, the House committees, the Senate Committees, the Republican party, the Democratic party, every appraiser, every loan officer, every bank examiner, and the entire watchdog financial media all missed it.  But S&P surrounded by all nothing but misinformation and incompetence was supposed to know just when the wheels would fall off. Faulty work, but not exactly unique.

Nothing in defense of S&P's blindness and perhaps complicity, but why doesn't those same government agencies fire their own people first, who made the exact same mistakes, before they come out pointing fingers at a private organization?

S&P's job was to issue an opinion.  

Agencies controlling 90% of mortgages were responsible for running and overseeing the bad loan portfolios.

The government's response to discovering all this incompetence is to turn healthcare over to them next.
« Last Edit: February 11, 2013, 04:24:14 PM by DougMacG » Logged
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Posts: 42004

« Reply #51 on: July 27, 2017, 09:13:06 AM »

Hat tip to our Doug:

Interest rates held unjustifiably low from 2003 to 2006 along with lack of accountability for mortgage originators, what could possibly go wrong.

On the 'lessons learned' section he should have left it blank.
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