Quote:
Originally Posted by will76
The housing boom had nothing to do with a poniz scheme. That was just hype + lending money to people who couldn't afford it and shouldn't have been getting a loan.
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not exactly. pooling bad mortgages into complex derivatives & selling them privately, with no exchange or oversight. The ponzi was selling these fraud securities to other banks, investors, pension funds etc. When the mortgages failed, the people holding the derivatives were the suckers. & the bankers walked away with fortunes.