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I write software automation for the team at a very large bank that processes repurchase requests for mortgage loans issued prior to 2008, aka toxic assets. Our

I write software automation for the team at a very large bank that processes repurchase requests for mortgage loans issued prior to 2008, aka toxic assets. Our work allows for clarity and resolution of the aftermath of the mortgage crisis. This has a direct impact in the ability of lenders to establish more accurate risk models and re-enter the mortgage lending business. This allows more funds to be available to mortgage-seekers, which theoretically lowers lending rates, allowing more people to refinance and purchase homes, which, arguably, is a major factor in the current economic recovery in the United States. Does that help?

ams6110 14y ago
"allowing more people to refinance and purchase homes" is a big part of what got us into this mess.
- spiffytech 14y ago
  That's an oversimplistic evaluation of the situation. We didn't get into the financial crisis simply because people bought homes, we got into it because banks found clever ways to issue mortgages to unqualified borrowers and pass the risk off on someone else.
  - LekkoscPiwa 14y ago
    They didn't find "clever ways to issue mortgages to unqualified borrowers". Simply put the US government guaranteed all the mortgages via Fannie Mae and Freddie Mac by law. The law passed by Congress in 1990s to increase number of homeowners among minorities was to guarantee all the bad loans by the Government. So from a banker perspective it didn't matter if a borrower will repay. Because if he doesn't than the tax payer will by the law. So, ultimately, it's government fault. And democracy fallacy that voters vote for idiotisms like this and then complain that "banks are greedy".