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The economic downturn started in the mortgage industry, which brought down major financial companies, which, in-turn, impacted everyone.
The cause of the crisis was lack of integrity through the entire transaction flow, not just any particular step. The flow started with mortgage company execs who allowed or encouraged their people to be rewarded for volume of mortgages regardless of the quality. Next were the actions of the sales people and their interactions with unqualified borrowers. Then the mortgage companies packaged and sold the mortgages, which the Wall Street people turned into CDO's (collateralized debt obligations). Then the ratings agencies blessed the CDO's with AAA ratings. AIG insured them, without legally calling it "insurance" in order to get outside regulatory authority. Meanwhile, the SEC was asleep.
What else can I help you with?
What is an enconomy?
there is more importent things in life
What type of enconomy is Fiji?
Fiji is a Parliamentary Democracy.
Indus valley civilization - enconomy and life of people?
ask us anything
What type of economy developed during the renaissance?
the trading enconomy between countries
How can you use the word money economy in a sentence?
i used money enconomy for my homework.
What new type of economy developed during the Renaissance?
the trading enconomy between countries
What did susanna moodie do to become a bad person?
she didn't do anything to become bad in the first place
Are people born bad ,Or do they become bad?
Born
Does Bisquick go bad?
Yes, it can go bad. It can become infested with bugs. It can become stale and the leavening can become less effective or not work at all.
How do you become bad if your good in aq?
you buy a bad reputation
Does bella become a bad vampire?
no
Is it bad for girls to become lesbians?
You can't become a lesbian. You are either born that way, or you aren't. And it's not bad to be born a lesbian.
