Friday, April 16, 2010 - Article by: Rob McAllister - West Seattle Mortgage, Inc. 85705 -
Well I am sure you were as shocked as I was today when I heard that Goldman Sachs was being charged with fraud with respect to their packaging and selling of Mortgage Backed Securities (bundled loans). I am sure glad that in the two years since the collapse of the sub-prime market someone was finally able to determine that Goldman Sachs sale of a sub-prime bundle of mortgages as A+ rated paper was a fraud on investors...what...you mean a buyer with a 520 credit score, no money down, and no income documentation buying a house at the peak isnt going to perform well...shocking! I am sure Goldman Sachs is surprised by this charge being leveled against them...and considering they have managed to come through one of the worst economic crisis in the past century relatively unscathed I am sure they will manage to come out okay on this. It certainly doesnt hurt to have an administration with very close ties with Goldman Sachs and have the political capital Goldman carries. I will try to keep from being cynical, but lets be honest...this will likely result in.....nothing happening to Goldman. Thanks for the charges being filed...we have let out a collective gasp in surprise that Goldman Sachs isnt pure as the driven snow. Have a great Friday.
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