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Posted By: boxingcardman

Is that by securitizing the loans the rational plan for the makers of these loans was to make as many loans as possible as rapidly as possible to anyone they could so as to generate the fees and the raw grist for the bundled securities mills. To say that the borrowers should have exercised restraint and not lived beyond their means as the explanation of the debacle is to oversimplify the situation and allow the most educated, most expert participants in the mess off the hook. Read this article on WaMU's practices and see if you still want to blame the borrowers for everything; the lenders knew precisely what they were doing--they didn't care because it did not pay to care:



http://www.nytimes.com/2008/12/28/business/28wamu.html>

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