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So this is camp mcCain's argument...
"These "worthless" borrowers, these "minorities", got together and
forced these investment banks to engineer subprime mortgages into
highly leveraged securities, and then, they tricked all the hedge funds
and pension funds and financial institutions into buying these bad
loans, then these "worthless" minorities got together again and
convinced the bond rating agencies to misrepresent the risk associated
with these securites backed by the subprime loans."
And you wonder why I don't buy it?
https://www.fbi.gov/publications/financial/fcs_report052005/fcs_report052005.htm
"The FBI investigates mortgage fraud in two distinct areas: Fraud for Profit
and Fraud for Housing. Fraud for Profit is sometimes referred to as "Industry
Insider Fraud" and the motive is to revolve equity, falsely inflate the
value of the property, or issue loans based on fictitious properties. Based
on existing investigations and mortgage fraud reporting, 80 percent of all reported
fraud losses involve collaboration or collusion by industry insiders."
But instead, in McCrazy land, we blame it on the borrowers...
Hero Worship...