The advantage for the hedge funds in the mortgage market lay in the inefficiency of that market and the lack of such fierce competition as existed in the much larger universe of macro hedge funds.

FORBES: As the Fed Buys Mortgages You Should Too

In the end anything that creates market inefficiency, whether tipping off favored clients or wild parties that throw business to inefficient brokers, comes out of the pockets of people who provide capital to Wall Street, like pensioners and taxpayers.

FORBES: Magazine Article