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What Happened When You Don't Have a Good Credit Score?
There was a huge boom of zero percent mortgages but even beyond that, there was this push for actually 110% LTV loans. The banks are in the business of making money and their mind was the more money we lend out the bigger commissions we get. Wall Street would take these loans, chop them up, package them up into their own investments and sell them off. And you saw that being short.