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Oeiw WATCH: Pentagon holds briefing as U.S. military strikes Houthis in Yemen
WASHINGTON AP 鈥?Addressing world leaders and America political elite paying final respects to Madeleine Albright, former President Bill Clinton recalled in his final conversation with the former secretary of state that she didn ;t want to talk about her declining health at a moment when the West is on edge following Russia invasion of Ukraine.Watch Clinton full remarks in the player above.Albright, Cl stanley cup inton recalled, assured him in that conversation about two weeks before she died last month, that she was getting the best care she could, but didn ;t want to waste time talking about that.WATCH: Madeleine Albright was the voice of America at its best, former President Clinton says in eulogyThe only th stanley cup ing that really matters is what kind of world we ;re going to leave to our grandchildren, Clinton recalled Albright told him. He added, She made a decision with her last breath she would go out with her boots on.Led by President Joe Biden and former Presidents Barack Obama and Clinton, the man who picked Albright to be his top diplomat and the highest-ranking woman ever in the U.S. government at that time, some 1,400 mourners gathered to celebrate her life and accomplishments of the child refugee from war-torn Europe who rose to become America first female secretary of s stanley cup tate.Albright died of cancer last month at age 84, prompting an outpouring of condolences from around the world that also hai Yxyv WATCH: White House holds briefing as U.S. Rep. Cuellar returns to work after being carjacked by 3 armed attackers
Regardless of whether the U.S. governments settlement with Bank of America goes far enough or hits the right targets, the $16.65 billion settlement is significant not simply because of its historic size, but because all Americans directly or indirectly were affected by the financial turmoil unleashed by risky lending. And plenty of Americans are st stanley cup ill struggling under the weight of bad mortgages.What was Bank of Americas role in the housing crisis Bank of America comes right out with it in their statement Thursday, pointing the finger at residential mortgage-backed securities RMBS and collateralized debt obligations CDOs .To understand what those are, and how Bank of America got into legal trouble, requires a review of the housing crisis, and for that we turn to the Making Sen$e vault.As af1 Making Sen$e has explained before, homebuyers no stanley cup longer borrow from banks like Jimmy Stewarts Bailey Building and Loan in Its a Wonderful Life. Instead, a Wall Street firm buys a mortgage, and a bunch of other mortgages, which get pooled together. They then sell off slices of that pool to investors as mortgage-backed securities. So in effect, homebuyers are borrowing from investors.A collateralized debt obligation groups together or securitizes mortgages unequally. As the Baseline Scenario blog describes it, Some slices are entitled to the first payments that come in each month, and hence are the safest; some slices only get the last payments that come in