They assessed risk then sold their mortgages to third parties. How accurate do you figure their assessments were if they knew they wouldn’t hold that debt? Then

They assessed risk then sold their mortgages to third parties. How accurate do you figure their assessments were if they knew they wouldn’t hold that debt? Then the financial instruments created from that debt were valued by models trained on RE prices that grew for something like 8 years then tanked. So those same instruments grew then tanked. Nobody called them out on it because they hid the functioning behind models no one could really understand at the Fed.