who can explain this mess in laymens terms? like you were explaining it to a 4th grader. say 1-3 paragraphs at 4-6 sentencesish
Try Wikipedia…
I gave you 3 crayons while promising to give you 4 crayons next week. You turned around and promised those 4 crayons to payoff your milk money debt to the school bully. I lost my crayons in a fingerpaint swap and now that bully is looking for your milk money.
NakedPuts Wrote: ------------------------------------------------------- > I gave you 3 crayons while promising to give you 4 > crayons next week. You turned around and promised > those 4 crayons to payoff your milk money debt to > the school bully. I lost my crayons in a > fingerpaint swap and now that bully is looking for > your milk money. Mrs. Wright tried to intervene and make everything OK. But the principal wouldn’t have it, so they only gave back 2 crayons instead of the 4 you were owed. Now you are 2 crayons short and calling mommy.
The wiki entries on those three banks aren’t very descriptive about what went wrong but http://en.wikipedia.org/wiki/Subprime_mortgage_crisis sums it up well and mentions what happened at specific entities.