> So their clients walked in and requested securities made up of crappy mortgages? Everything, even crap, has a price at which it makes sense. Every purchase

> So their clients walked in and requested securities made up of crappy mortgages? Everything, even crap, has a price at which it makes sense. Every purchase occurs because the buyer and seller have different beliefs about the worth of the thing being sold to them. If you think that the housing market is doomed, you'll have a very different opinion of a mortgage pool than a seller who thinks that the market is sound.