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baker
Joined: 19 Sep 2009
Posts: 1
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| Posted: Sat Sep 19, 2009 7:14 am Post subject: Time to Foreclose the Mortgage Companies |
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One thing that puzzles many people is how on earth could a relatively small problem with subprime mortgage loans in America have generated a global financial and economic calamity that is already (arguably) rivaling the Great Depression of the 1930s. After all, the total residential mortgage backed securities universe was only $7.1 trillion at its peak, of which just $1.3 trillion were subprimes. Other asset-backed securities were $2.5 trillion, with home equity loans amounting to $600 billion of that.
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joe1
Joined: 11 Nov 2008
Posts: 20
Location: California
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| Posted: Wed Apr 28, 2010 7:39 pm Post subject: |
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Because almost every major financial institution got involved in selling subprime loans in the secondary market, and when those loans began to default, those portfolios became worthless.
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