Ultimately, the government is ending up with the garbage, even if they aren't officially "buying" it. But I'm sure there are plenty of banks serving as middlemen who will go down along the way. Remember, all the way down the sub-prime hole the big banks were insisting that THEY weren't buying any of the subprime crap, that they were just making the market and selling it to other people.
And yet somehow, when it all came down to it, they all faced billions of dollars of losses in subprime loans that they supposedly weren't even holding.
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