[Notary Sojac]

Credit ratings should place much more emphasis on character.

During the go-go years 2002-2005, character was completely irrelevant.

Why?

Because NO ONE made a loan with the intention of holding the mortgage while it was paid back.

ALL these bad loans were flogged off to a series of third parties within days of being signed.

You want to see character count for something again? Require the originator of a loan to hold the paper for five years.

[Mr. Jeeves]

ALL these bad loans were flogged off to a series of third parties within days of being signed.

In many cases, we are now learning that the AAA-rated MBS instruments were sold off to investors first, then the bank went around frantically scrounging for any illegal alien who could sign his name in English to take out the mortgages to back it up.