Current mortgage term sheets lack transparency because they are not machine-readable, according to Ralf Kubli, board member of the Casper Association.
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The 2008 financial crisis was a devastating time for many, as the collapse of the United States real estate market caused ripple effects impacting the employment and livelihoods of millions of people.
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According to TheStreet, one of the chief causes of the crisis was the opaqueness of the mortgage industry. Mortgages were bundled into packages called “mortgage-backed securities (MBS)” that could be bought and sold by banks and other investors who relied on rating agencies to determine how risky the securities were.
The banks sometimes “packaged AAA-rated securities with lower-quality
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