Goldmann + New Century = Evil

Ryan Chittum raves about another McClatchy piece documenting how hip deep Goldman Sachs was in the subprime mess. He does the blow by blow of Goldman's dealings with New Century, then follows up a nice summation of what passed for subprime underwriting according to Goldman Sachs:

Goldman Sachs Mortgage, however, published guidelines in early 2007 indicating that it would accept a "stated income, stated asset" loan for a person with a subpar credit score of 600 who was borrowing 90 percent of his or her home's value. The designation meant that although the borrower had poor credit, his or her claimed income and financial background would go unchecked.

He also links back to a lurid 2008 BusinessWeek article that sounds like it came from TV. Chittums pull quote is enough to get you to read it, but here's the one I'd have pulled:

"I didn't want to be a mortgage slut."