Detailed text transcripts for TV channel - CNN - 20100427:22:08:00
That division was called long beach. and they made it very, very easy for people to qualify for home loans. in fact, it was so easy to qualify they had a program it's called the stated income program, that many customers would just state their income and it was never verified. those loans by themselves, let's say, they would have been given ratings about a bbb. not a very high rating. what goldman was doing is taking a package of the bbb mortgage loans and repackaging them and turning them into securities and then convincing the rating company, either moody's or standard & poor's to give it a ...