Michael Lewis Quotes

Household Was Making Loans At A Faster Pace Than Ever. A Big Source Of Its Growth Had Been The Second Mortgage. The Document Offered A Fifteen-year, Fixed-rate Loan, But It Was Bizarrely Disguised As A Thirty-year Loan. It Took The Stream Of Payments The Homeowner Would Make To Household Over Fifteen Years, Spread It Hypothetically Over Thirty Years, And Asked: If You Were Making The Same Dollar Payments Over Thirty Years That You Are In Fact Making Over Fifteen, What Would Your "effective Rate" Of Interest Be? It Was A Weird, Dishonest Sales Pitch. The Borrower Was Told He Had An "effective Interest Rate Of 7 Percent" When He Was In Fact Paying Something Like 12.5 Percent. "It Was Blatant Fraud," Said Eisman. "They Were Tricking Their Customers.

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