This may be the biggest accounting fraud in history

[*bfine32*]

(09-13-2019, 12:52 PM)oncemoreuntothejimbreech Wrote: Except the loans were already guaranteed by the federal government.  Meaning what?  Meaning "America" already assumed the financial risk, not the private lender.  Because the lender was guaranteed to recoup their money from the federal government if the borrower failed to pay.

Meaning the private lender was out 3% of the principle owed. Why do you think private lenders were getting out prior to 2010. Because you cannot make money recouping only 97% of your principle. You lose money. Private lenders were figuring this out. Now here's where 2012 comes in. The government made it easier to qualify for loans that were already being shown to cost money.