Warum gibt es etwas und nicht nichts? (Why is there something rather than nothing?) - Leibniz
Wednesday, April 23, 2008
Mortgage bond re-rating: reversing the rescue?
Karl Denninger notes that Moody's have re-rated previously "AAA" packaged mortgage products, and points out that since the Federal Reserve only accepts AAA, it may be forced to send much of this stuff back and demand better collateral. The banks' headache returns.