Aninger, whose job was to review the work of other contract analysts [on behalf of Goldman Sachs and other Wall St. firms], said that she objected to numerous applications for loans that required no income verification, her supervisor would typically tell her, "You can't call him a liar ... You have to take (his) word for it."
"I don't even know why I was there," she said, "because the stuff was gonna get pushed through anyway."
Toy said she concluded that the reviews were mostly "for appearances," because the Wall Street firms planned to repackage "bogus" loans swiftly and sell them as bonds, passing any future liabilities to the buyers. The investment banks and mortgage lenders each seemed to be playing "hot potato," trying to pass the risks "before they got burned," she said.
"There was nobody involved in this who didn't know what was going on, no matter what they say," she said. "We all knew."
By Greg Gordon
November 1, 2009 | McClatchy Newspapers
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