Quote:
Originally Posted by Snake Doctor
If you were a bank who gave out mortgages to people with no credit and no income, you deserve to go bankrupt.
If you were an investor who bought commercial paper backed by subprime mortgages, you deserve to lose your money.
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You are missing one of the driving forces behind this whole situation, though: the credit rating agencies.
Investors often didn't invest in sub-prime mortgages, but in investment grade-rated securities.