I thought I understood the difference between prime, alt-A and sub-prime mortgages. Until I read this fascinating article.
Reflections on Alt-A
Monday, August 11 2008
read it on Calculated Risk
It never ceases to surprise me how a little bit of history changes one's whole understanding of things.
The three C's indeed. My takeaway from the article is an even stronger feeling that the people in the know did know and they let us down. It is frustrating how much damage greed can do.
