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Bundled mortgages were sold as if they were treasuries, and had high ratings until folks discovered you couldn't price them like treasuries.
I think pools of munis are marketed as Junk.
Bundled mortgages were sold as if they were treasuries, and had high ratings until folks discovered you couldn't price them like treasuries.
I think pools of munis are marketed as Junk.
yeah, mortgages were securitized and guaranteed making them AAA quality assets.
No but state defaults and municipal bankruptcies are nothing new. NY and NYC have flirted with insolvency at least three times in the last 120 years going back to Cleaveland's hard money policy of 1893-7, the panic of 1907 and the 1970s bailout. MS and AR are still in default on bond issues from the 1800s. It does happen and it has happened many times before.Well the munibond bailout is going to break the system.
Nearly every city ...state is under pressure from unions .
It aint going to be pretty.