United States | News & Politics

They were also offering sub-prime mortgages with extra long amortization terms to people who wouldn't have otherwise qualified for a mortgage. It was basically on-par with pay-day loan scams. That's what they were shifting around...the debts those people owed.

They were all thrown under the bus, so the lenders could make fast cash selling that debt amongst themselves, and then get bailed out by the government when that debt collapsed.