Eh, I prefer Tanta’s “Compleat Ubernerd” writings over at CR.

Securitization has been with us for a very long time, and it’s a pretty good idea as long as underwriting standards are upheld. Of course, if the underwriting standard becomes “Able to fog a mirror, generally”, that’s a different story.

I’d like to know how what percentage of MBS that were eligible for GSE purchase were actually sold to the GSE. If almost all such loans were sold to the GSEs, what’s that tell you about the loans remaining in the banks’ portfolios and, worse yet, the loans they sold into the private MBS market?