Basically, Lewis Ranieri's mortgage bonds were amazingly profitable for the big banks....
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Margot Robbie:
Basically, Lewis Ranieri's mortgage bonds were amazingly profitable for the big banks. They made billions and billions on their 2% fee they got for selling each of these bonds. But then, they started running out of mortgages to put in them. After all, there are only so many homes and so many people with good enough jobs to buy them, right? So, the banks started filling these bonds with riskier and riskier mortgages. That way, they can keep that profit machine churning, alright? By the way, these risky mortgages are called subprime. So, whenever you hear the word subprime, think shit. Our friend, Michael Burry, found out that these mortgage bonds that were supposedly 65% AAA, were actually just, mostly, full of shit, so now, he's going to short the bonds, which means to bet against. Got it? Good... Now, fuck off.
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Basically Lewis Ranieri's mortgage bonds
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were amazingly profitable for the big banks
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They made billions and billions on their 2 fee
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they got for selling each of these bonds
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But then they started running out of mortgages
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to put in them
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After all there are only so many homes
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and so many people with good enough jobs to buy them right
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So the banks started filling these bonds
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with riskier and riskier mortgages
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Thank you Benter
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That way they can keep that profit machine churning right
Clip duration: 34 seconds
Views: 192
Timestamp in movie: 00h 13m 50s
Uploaded: 19 March, 2022
Genres: comedy, drama
Summary: The men who made millions from a global economic meltdown.
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