It’s looking uglier out there. A lot of the housing financing mess is beyond my ken, but I get this part – I’ll let Atrios (aka Dr. Black, a real economist) sum it up:
“Once we came to a point where servicers could make more money by foreclosing than not foreclosing, the game was over.”
It is apparently no longer necessary to even try to hide one’s crimes. After all, money must be made.