Quote:
Originally Posted by Mutt
Good explanation - I knew that these huge Wall St investment houses wouldn't want to be nor could be in the business of servicing home mortgages.
So as these homes are sold off by banks are the proceeds going directly back to the US government who bailed out the Wall St firms?
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The (private) Federal Reserve which is ultimately the lender of lenders is not the US government. When they say the Fed is buying up all that "bad debt" they are buying up all those mortgages and acquiring the property along with it.