Abstract

Wall Street's Soiled Hands
B. M. | July 15, 2002 issue

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The article examines the practice of bundling loans by financial and insurance institutions. Predatory loans are being used for Wall Street investment. Companies like Lehman Brothers and First Union manage the process of bundling loans, including subprime and predatory, into mortgage-backed securities, select banks to serve as trustees and create measures to protect investors from risk. The frequent shifting of ownership of a bundled loan creates difficulties in determining accountability. A mutual fund investor will find it hard to know whether funds are going toward a supporting predatory loan scheme.

See Also:

MORTGAGE-backed securities; INVESTMENTS; PREDATORY lending; FINANCIAL institutions; LEHMAN Brothers Inc.; FIRST Union Corp.; RISK management
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