Michael Lewis Quotes

Why The Rating Agencies Weren't More Critical Of Bonds Underpinned By Floating-rate Subprime Mortgages. Subprime Borrowers Tended To Be One Broken Refrigerator Away From Default. Few, If Any, Should Be Running The Risk Of Their Interest Payment Spiking Up. As Most Of These Loans Were Structured, However, The Homeowner Would Pay A Fixed Teaser Rate Of, Say, 8 Percent For The First Two Years, And Then, At The Start Of The Third Year, The Interest Rate Would Skyrocket To, Say, 12 Percent, And Thereafter It Would Float At Permanently High Levels.

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