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Big surprise: greedy subprime security buyers didn?t listen to their own consultants

By Sam Glover

Tracy Warren was a quality-control consultant for Bear Stearns and other mortgage security purchasers on Wall Street. Her job was to review mortgage loans to determine whether they had merit for investment purposes. (She saw the loans after they were made, but before they were sold to investors and led to the national economy’s crash-and-burn act.) “I’d see people who were hotel workers saying that they made, in California, making $15,000 a month so that they could qualify fo read more

Full post as published by Caveat Emptor on May 28, 2008 (boomark / email).