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.
Transcript
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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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Actors
00:35 Okay look If home prices don't go up
00:05 Just don't fucking dance
00:32 Thank you
00:35 It's only a matter of time before someone else sees...
00:08 Our investment strategy was simple
00:13 MIKE Lawrence I found something really interesting
00:22 How big is your short position right now
00:14 Trust me I'm not driving a 7 Series without strippers
00:03 I love my job
00:34 Jared it's chaos down here Where are we
00:17 100 million Who are you a drug dealer or a banker
00:23 We have no confidence in your ability to identify
00:20 Michael TAPPING
00:12 Now their foot's on fire they think
00:14 Thanks for coming guys
00:16 You smell that What is that
00:15 We have talked about this numerous times
00:29 Did you get a chance to look at what we sent you Ben
00:13 On the outcome of their bet
00:36 PORTER It's right behind you