My take on the debt problem in jefferson county alabama
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1:47
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As I learn more about this, there was a lot more involved than I first thought. The mortgage backed securities played a small part as well as the bribes. But the county refinanced their debt into adjustable rate swaps. From what I've learned, this was the main issue because when the rate increases were triggered, the interest started piling up and caused most of the 4 billion in debt.
binayt 2 months ago