"Level Three" assets are difficult-to-trade/sell. They are, basically, junk paper--or, in another short-hand, "sub-prime."If you want to know why the taxpayers will be on the hook--soon--for the sub-primes, all you have to do is look at the Nomenklatura on the lists above.
There is no way in Hell that these folks are going to take the losses which may well result from holding Level Three assets.
YOU will. Fannie and Freddie will be forced to eat all that slop, and the taxpayer will (eventually) eat the slop already digested by Fannie/Freddie.
Get the hint?
HT: Big Picture
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