America is in many ways a second world country... and their lending standards are very different to here. Some friends of mine who've bought a few properties told me about some of the 'systems' that are out there in the real estate jungle but whatever scams we may have had have not been as widespread as sub-prime or A-and have not been relabelled then repriced as AAA.
Regards,
Stuart.
leading up to a black tuesday, page-43
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