Ahren Tiller San Diego Mortgage Specialist
These Securities backed with subprime mortgages
, widely held by financial firms, lost most of their value and therefore the stock market collapsed along with the housing prices. The result has been a large decline in the capital of many banks and U.S. government sponsored enterprises, elimiating the banks willingness to extend credit around the world, because the banks as well as wall street purchased so many of these CMO's which were tied to this fake and overinflated subprime market.Ahren Tiller San Diego Mortgage Specialist
By: Ahren Tiller