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Wall Street's Latest Manufactured Outrage

Quicklink submitted by Sheila Samples     Permalink

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When mortgages get bundled up and resold, the ABS issuer has to keep a 5 percent stake. The mortgage industry is on a rampage over this, claiming that it will dramatically raise the cost of mortgages, but that's nonsense. Being forced to keep a 5 percent stake probably will have an impact on ABS issuers--that's the whole intent, after all--but the financial impact is almost certainly pretty minuscule.

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