If you want to invest in a MBS that will not perform than that is your problem. Put the blame where it is due.
I think if you are looking for a ‘smoking gun’ you are going to be disappointed. It’s more like a smoking munitions depot at this point.
I do feel, however, that when the dust settles, the folks that were mis-grading the MBS’ (AAA for junk) are going to be the scapegoat. If anyone should have know better, it should have been them.
