Digging out of the recession

Intellectual Conservative

by Peter Morici

03/25/08

U.S. consumers borrow from mortgage companies, local banks and finance companies through mortgages, auto loans and credit cards. Those firms sell the loans to Wall Street banks, who bundle loans into bonds for sale to big fixed income investors. The Chinese government, Middle East royals and other foreign investors purchase huge sums of such U.S. interest-bearing securities. Last year, this scheme started coming unglued, because many homeowners borrowed more than their paychecks and home values could support...

//tinyurl.com/28kkyc


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=recession
//freepage.twoday.net/search?q=mortgage
//freepage.twoday.net/search?q=homeowners
//freepage.twoday.net/search?q=Peter+Morici

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