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Fannie Mae and Freddie Mac
On selling bad mortgages years ago came to mind instantly when I read that.
Anyone remember the NINJA mortgage loans of years ago, their packaging and on selling to banks and the financial disruptions that caused?
NINJA = no income, no job, no assets.
Want a mortgage at sweetheart starter rates that run out and you have no chance of paying it when the time comes?
Sure, there you go!