Marcy Kaptur said "The first in line were the originators, the very institutions we're talking about here: Citicorp; Bank of America; Goldman Sachs is now involved in that; Wells Fargo; HSBC; UBS. It's all these institutions, and they originated through their intermediaries, like Countrywide, which was involved. When the bad loan was made, they then sold it to the secondary market. So now most of the prosecution has been of the secondary market activities, which really soured in about 2007, 2008, but the real perpetrators started well over a decade earlier. That's where we need to go----" @ PoliticalQuotes.com

On the recordFebruary 9, 2012

The first in line were the originators, the very institutions we're talking about here: Citicorp; Bank of America; Goldman Sachs is now involved in that; Wells Fargo; HSBC; UBS. It's all these institutions, and they originated through their intermediaries, like Countrywide, which was involved. When the bad loan was made, they then sold it to the secondary market. So now most of the prosecution has been of the secondary market activities, which really soured in about 2007, 2008, but the real perpetrators started well over a decade earlier. That's where we need to go----

Said by

Marcy Kaptur

Democratic · Ohio

Source

govinfo.gov

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