“Seeing every man, not only by Right, but also by necessity of Nature, is supposed to endeavor all he can to obtain all that is necessary for his conservation, he that shall oppose himself against it, for things superfluous, is guilty of the war that thereupon is to follow.” ~Thomas Hobbes In order to churn the sale of houses on Main Street and securities on Wall Street, thereby gobbling commissions and fees, investment bankers, mortgage lenders, rating agencies, real estate agents and insurance companies conspired to inflate a highly profitable housing bubble by peddling risky sub-prime mortgages and then bundling them with other mortgages, in order to create high yield residential mortgage-backed securities (RMBS) – later packaged as collateralized debt … Read entire article »