In this arrticle, before Congress Mr. Ed (Let's just call him that for now) makes the absurd statement that the "poor ol banks just watched while the Brokers burned Rome"!
Let's see:
Who made the rules for the Brokers to Follow? The Banks (& Wall St)
Who Underwrote the Loans? The Banks
Who did QC checks on each loan? The Banks
While it's true that us mean old Brokers packaged the loans, we were not involved in the Underwriting and QC process. While I'm not saying that all LO's and Brokers were angels, they certainly were not the culprits that Mr. Ed would have you think.
This irritaes me about as much as the statement made by Chase Mortgage Presidet, Jamie Dimple (Dimwit) that his WORST business decision ever was not to cut off Brokers sooner!
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