[cryptography] Digital cash in the news...
James A. Donald
jamesd at echeque.com
Mon Jun 13 21:29:01 EDT 2011
On 2011-06-14 1:50 AM, Nathan Loofbourrow wrote:
> After a while you run out of big dumb mortgages, and we did. So the pressure
> was on to create more of them. Once everyone has a mortgage, or maybe two,
> you start lending to folks with a risk profile that wasn't so hot anymore.
This happened in commercial real estate, which also got bubbled, and
also got falling credit standards - yet no crisis in commercial real
estate. Developers went bust, and financiers forclosed, sold the
properties for markedly less than loan value. And that was that. No
crisis, no drama, no bailouts.
The difference was that with mortgages to individuals, (usually black or
no hablo English individuals) the bank issued liar loans, or like
Beverly Hills bank, got rated "Substantially non compliant with the CRA"
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