The chicken was so thrilled and cackling with delight at the ability of financial wizards to magically eliminate the risk associated with traditional mortgages held by her hometown bank and create new, exciting mortgage options that allow her to borrow nonexistent equity and engage in an orgy of consumer spending like a hen with endless golden eggs, by pooling tranches of high risk mortgages and securitizing them into hopelessly complex financial instruments that not even the smartest cocks at Fannie and Freddie could fathom, thereby passing the risk onto secondary markets where it shall remain hidden from the light of day until the rooster's crow awakes us all at the crack of dawn...
Off Topic » in reply to Why did the chicken cross the road?
Wall Street:
