The Wall Street motherfuckers took all those mortgages and created financial monstrosities so complex that they cannot be unwound.
This position presumes that the person taking out the loan understood the terms and were not mislead by their broker. In fact there's lots of evidence that brokers were acting fraudulently to get loans closed no matter what, because they got paid per loan closed, reasonable or not.
Both parties agreed to the contract with full knowledge that either paying or not paying were possible future outcomes, and the consequences of both of those outcomes are spelled out in black and white.
So if you saw the bubble collapse coming, why didn't you rake in cake by short selling building suppliers? The answer is because you didn't have the means to short-sell the building suppliers, or because you believe in standard financial advice: you can't time the market. In both cases, your argument is undermined.
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