At the beginning of his presentation, Sen. Dorgan showed enlarged, printed screenshots of mortgage company websites. As of this morning, these companies continued to offer no income, no asset (NINA) loans and boasted of being able to get anyone a mortgage regardless of credit situation.
His point: why are we discussing a bail-out while the bad paper machinery continues to function? The 'bail-out' wouldn't be a solution but a funds transfer to criminals, tying them over till the next collapse.
And on he goes from there.
.d.