its a home loan, that is high risk, no proof of income or ability to repay.
its for poor people
MBL and rams home loans and other banks all invested money into these mortgages.
lots of people defaulted and walked away from their loans putting the bank in heaps of debt as when they sell the house they get less than what they lent out.
banks released this info last month and Bingo all the banks fell over.. then everyone else sold all their shares in panic even though it had nothing to do with any thing other than the banks.
chain reaction kicks in and instant stock market melt down.
last run started when retail chains in USA reported low profits, everyone sold those big stocks pulling dow down and in the morning everyone sold again seeing the DOW had fallen and 2nd chain reaction.
nothing to do with any of our stocks other than MBL and other banks who invested billions into this.
Sheep following Sheep caused this chaos
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