So where did all the money go?
"The banks and investors holding all those mortgage backed investments are also big losers, now that millions of homeowners are defaulting on their loans. The winners there are all the folks who profited from the lending boom. The mortgage brokers collected their fees and commissions on those mortgages, lenders took a slice when they sold them to Wall Street, which collected fees for packaging all them and selling them to investors. When the music stopped, there weren’t enough chairs. So if you're holding this mortgage backed paper, you’re going to have a tough time finding a chair to sit on."--John W. Schoen
