Quote:
Originally Posted by flstf
I realize that they wrote these mortgages with highly leveraged borrowed money but that is no excuse for puttiing themselves in the position of total failure just because real estate prices corrected. Surely they knew like most of us that house prices had to come down.
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Maybe they knew it, in the back of their minds, but they were hoping the explosion (er, implosion) wouldn't happen before they got a chance to pass the bomb on to someone else, in that great game of hot potato.