Word: mortgagees
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Dates: during 2000-2009
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What is to stop speculators from buying up these bastardized securities for pennies on the dollar anticipating enormous profit when the government buys them at higher rates? The current owners of those securities aren't going to want to sell them for pennies on the dollar if they think the...
3) The way mortgage-backed securities and related derivatives have acted to concentrate and transmit risk rather than diffuse it has added a whole new element to the crisis.
Who is at fault here? I have increasingly seen fingers pointed at home buyers for buying 'too much' mortgage (i.e. big eyes for big houses), who 'lied' on their mortgage applications about their ability to keep up payments. Surely significant fault lies with the mortgage lenders for approving such loans...
The tumult at the top of financial markets has not filtered down evenly, but that doesn't mean it's not seeping. There are cracks on Main Street, but whether or not you see them largely depends on where you stand. Just ask anyone who wants to buy a house...
Nor can a bailout replace all the liquidity that those complicated mortgage-backed securities unleashed into the world's financial markets, making it easier for companies to borrow money to build new factories, buy new equipment or expand into new territories. "We will never return to those levels of liquidity...