(snip)"Lenard Schwartzer, an attorney for USA Capital, told bankruptcy Judge Linda Riegle on Monday that the company continued making distributions to all of its 3,600 investors even though many borrowers stopped paying interest on their loans."(snip)
phase one marginal homebuyers default on their mortgage payments ...
phase two subprime mortgage lenders go bankrupt and investors in their mortgage backed securities take big losses ...
phase three ...



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