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[Clansgian AT wmconnect.com]

> >It's not the mortgages. Yes, they are a problem and yes the housing  
> market has plotzed and people by the millions are having Troubles.
> 
> >IGA wasn't issuing mortgages. They were trading unregulated credit  
> swaps.

Here's where you mustn't loose track of the audit trail.  What was the origin 
of the credit swaps?  The backing of the credit that is now the rotten core 
of the problem are mortgage backed.  

When several million people agreed to buy houses at inflated prices and take 
out HELOC loans on the imagined increase in the value of their houses, 
pension 
plans, money markets, retirement funds, mutual funds, etc. all saw this as a 
source of interest income.  Once the MBS's are created, they are swapped 
several times with each investor or buyer expecting to make some money on it.

The actual source of all this is the  housing bubble and resulting worthless 
mortgages.  Without that it would not have happened.   </HTML>