Tuesday, December 2, 2008

What Do They Take Us For?

The LA Times has an article describing how the National Community Reinvestment Coalition has filed a civil-rights complaint, which can be found here, against a couple of Wall Street firms that allegedly rated CRA mortgage-backed bonds too highly.

Yes, you read that correctly.

It sounds to me like they acknowledge that none of these loans should have been made in the first place. Nice of them to admit it, but it would have been nice if they hadn't been supporting the legislation and it's implementation for the last few decades. The claim might ring a little more true.

There will certainly be more posted on this travesty.

H/T: gad-fly

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