Nocera: Of Course The Big Banks Were Heavy Into Subprime

Joe Nocera takes on the myth that the subprime bubble was merely the result of seedy, unregulated mortgage brokers, and that if lending had merely been restricted to large banks, none of this would have happened. Please.

A reader sent him this flyer of Chase advertising its subprime business and, yes… it’s pretty damning. If there is a response to this it’s that the unit making the mortgages wasn’t Chase, but a separate subsidiary set up to evade the law, which is hardly a response.

Chase Flyer

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