GRANDMA EMBEDDED IN AMERICA for Thursday, September 25, 2008

Thursday, September 25, 2008

Why mortgage banks are falling apart...and what might be done...

Actually, one of the problems is that the owners of the mortgage-backed securities - including these banks - mostly can't renegotiate the contracts with the homeowners, because they don't own the mortgages and don't have any right to change the terms. All they own are the lousy derivative securities... Sign in to see full entry.

posted by benzinha at 4:33 PM | add or view comments (3) | leave calling card | link to this | view only this entry
September 2008
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About this Blog

I wondered if anyone was reporting from the frontlines of American Society, embedded with the poverty stricken and reporting on what happens each day when you live in the greatest country on earth and earn enough to survive and not much else. I wondered if anyone was explaining America to others and thought that, since I was already embedded in this ongoing cultural experiment, I might tell what it's like.

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