This reinforces what I have thought about rating agencies..
and the supposed securities analysts…the new breed of them through the 90s to now…are not to be believed.
AAA BONDS now 50 cents on the dollar.

Thanks for that superb rating analysis!

And the homeowners….It was “fine” as a long as the value is going up..up..up..
Says a woman who says “why pay a $3200 mortgage payment on a 1200 SF house? IN STOCKTON?? She didn’t figure that out before?

These buyers were stupid to begin with…but now they are parroting the line….I didn’t know, realize…etc..they wised up real fast on how to pass the buck. But it does appear in Stockton…it’s epidemic.

Now they’re spinning it “Free Money”…uh…free means you don’t pay it back. A contract for repayment does not mean “free.”

Who knows…maybe the guv was paying people to buy homes.