Want an explanation for the mortgage crisis?

Here’s part of a triple-A mortgage backed security:

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“When Wells Fargo sold Ms. Halterman’s loan to London-based HSBC, it got bundled with 4,050 other mortgages and used as collateral for a security issued in July 2007. More than 85% of the mortgages were, like Ms. Halterman’s, “subprime” loans to borrowers with blemished credit, according to Tom Atteberry of First Pacific Advisors LLC, a Los Angeles investment-management company.

Credit-ratings firms Standard & Poor’s and Moody’s Investors Service gave the new security their top “triple-A” ratings, which suggested investors were extremely likely to get their money back plus interest. S&P declined to explain its assessment. A Moody’s spokesman didn’t respond to requests for comment.”

Full article on WSJ: http://online.wsj.com/article/SB123093614987850083.html#project%3DSLIDESHOW08%26s%3DSB123014511801733279%26articleTabs%3Darticle

7 thoughts on “Want an explanation for the mortgage crisis?

  1. When my my husband became disabled we were faced with foreclosure. I was so sure we were going to lose our home that I started packing our stuff. One of the girls at work told me about 21st Century Legal Services a law office that warned me of the many scam rip-off telemarketers pretending to be providing loan modification services. I called 21st Century Legal Services that night and they told me that they could save my home through a mortgage loan modification agreement. 21st Century Legal Services has mobile notaries, a signging agent came to our home and picked up our paperwork. They even helped me write my loan modification letter. 21st Century Legal Services were a delight to work with we recommend the 1-voted best loan modification company, located in Rancho Cucamonga California U.S.A. So if you are in danger of losing your home call 21st Century Legal Services at 1-888-483-1748 or check them out on the web at http://www.21stcenturyremod.com if they could help us we are sure they can help your family. Good luck.

    Mr & Mrs Wattson

  2. When my my husband became disabled we were faced with foreclosure. I was so sure we were going to lose our home that I started packing our stuff. One of the girls at work told me about 21st Century Legal Services a law office that warned me of the many scam rip-off telemarketers pretending to be providing loan modification services. I called 21st Century Legal Services that night and they told me that they could save my home through a mortgage loan modification agreement. 21st Century Legal Services has mobile notaries, a signging agent came to our home and picked up our paperwork. They even helped me write my loan modification letter. 21st Century Legal Services were a delight to work with we recommend the 1-voted best loan modification company, located in Rancho Cucamonga California U.S.A. So if you are in danger of losing your home call 21st Century Legal Services at 1-888-483-1748 or check them out on the web at http://www.21stcenturyremod.com if they could help us we are sure they can help your family. Good luck.

    Mr & Mrs Wattson

  3. 21st century has more complaints than compliments. They are being investigated by several states. They have been posting these PR posts like the ones above. They all read like this with the contact info included.

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