Derivatives? Please. It’s all about mortgages to low-income people.
Sorry, but it's both.
Im sure a significant portion of the nonperforming mortgages are to middle income folks who unwisely chose teaser ARMS and now cannot refinance and are getting no cooperation from the lenders
“Derivatives? Please. It’s all about mortgages to low-income people.”
It’s about greed. Anything that is created without “real” value is worthless paper as we’re seeing. It can also be seen as the reverse of Communism, the needs of the few outweigh the needs of the many. And that ain’t Capitalism, either.