Commentary Topic from greenfaucet
What's it take to be a member of the "in crowd"? The membership list is being both reduced [Countrywide and Bear Stearns] and expanded [FRE and FNM have been given temporary membership...sort of like pledging]. Anyway, they get to borrow money from you and me with ultra low interest rates of around 2%. They can exchange crappy mortgage securities as collateral for longer term loans. Who wouldn't want to trade for free with someone else picking up just the losers? Pretty cool, eh? Wanna join?
