These ratings companies sat by and watched the entire subprime mess melt down right before their eyes. They got paid to hide the truth behind predatory loan pools and servicers, smoke-screening the junk debt right up until it all came tumbling down.
Ever wonder why the subprime lending mess got as bad as it did and why nothing was done about it until this disaster? Sing along and see the members of the House and Senate Committees that watched it happen. Names? Hint: They're in alphabetical order!
We're about to do it all over again - sending the same bunch back to Washington to play fast and loose with the truth about regulation of the financial services industry.
If you've ever wondered how we got into this financial and energy mess, all you have to do is look how the industries involved have had their way in Washington for so long.
The foreclosure mills have been getting away with sloppy filings for so long that they don't bother finding the original note in a foreclosure. In some cases they'll have to go back to the lender/servicer and actually produce it when challenged.
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