Three strikes against the mortgage industry
There’s a great example here of mortgage lenders lying through their teeth with statistics. Felix Salmon uncovers a ridiculous attempt to make loans look safe by cutting up the pile of mortgages in a tricky way- sound familiar at all?
And there’s a great article here about why they are lying. Namely, there is proposed legislation that would require the banks to keep 5% of the packaged mortgages on their books.
And finally here’s a great description of why they should know better. A breakdown of what banks are currently doing to avoid marking down their mortgage book.