Credit Default Swaps
I was glued to the tube Sunday night watching Scott Pelley, who once worked at WFAA-TV in Dallas, reveal something so awful I still cannot believe it. We all know how Wall Street cut corners when it created Credit Default Swaps, those mortgage-backed investments that some bet for, some bet against, AIG “insured” and which…
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Starting today, you might see more mortgage brokers hitting the bars or unemployment lines. April 1, that’s today, marks the day the rules change on how mortgage brokers earn their pay. Old way: mortgage brokers get discounted loans from big banks and they offer them to consumers. They charge a fee, which comes as a…
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