It is very accurate. The problem occurred with the "division of labor" that is clearly outlined in the presentation. Many people took out loans that they could

It is very accurate. The problem occurred with the "division of labor" that is clearly outlined in the presentation. Many people took out loans that they couldn't pay for. They failed to understand the terms of their mortgage. It didn't help that the mortgage brokers had lowered their lending standards so low that almost anyone could walk in and get a mortgage. It is true that most mortgage companies were simply in the business of brokering as many deals as possible. They didn't care because they just brokered the deal. So the next logical group to place the blame on would be the banks. The banks, and their legions of loan officers, should not have allowed the loans to take place. Unfortunately, banks do take their mortgages and sell them on the open market to investment banks who end up wrapping them up in some derivative product. A good reference work concerning the creation of the mortgage derivatives is a book by Michael Lewis titled Liars Poker. In the book Lewis describes how the mortgage derivatives industry came to be and how they founders of the industry went about valuing these products. It's not a rigorous review at all. That's why many people didn't even know what types of mortgages were in these products. Like my other comment. The article is very accurate. I would like to see legislation to fix the industry as well as some civil and criminal cases because crimes were indeed committed.