Subprime Bonds Quotes & Sayings

Love is the universal source of joy and happiness. — Debasish Mridha

There was more than one way to think about Mike Burry's purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars' worth of bonds. He'd either be paid zero, if the triple-B-rated bonds he'd insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn't own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to "insure" it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn't insurance at all but an outright speculative bet against the market - and this was the second way to think about it. — Michael Lewis

He'd lived long enough to know that everyone handled grief in different ways, and little by little, they all seemed to accept their new lives. — Nicholas Sparks

The "consumer loan" piles that Wall Street firms, led by Goldman Sachs, asked AIG FP to insure went from being 2 percent subprime mortgages to being 95 percent subprime mortgages. In a matter of months, AIG FP, in effect, bought $50 billion in triple-B-rated subprime mortgage bonds by insuring them against default. — Michael Lewis

The Germans made just about every bad investment you could have made. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds. — Michael Lewis

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. — Michael Lewis

With this money I can get away from you. From you and your chickens and your pies and your kitchens and everything that smells of grease. I can get away from this shack with its cheap furniture, and this town and its dollar days, and its women that wear uniforms and its men that wear overalls. You think just because you've made a little money you can get a new hairdo and some expensive clothes and turn yourself into a lady. But you can't, because you'll never be anything but a common frump, whose father lived over a grocery store and whose mother took in washing. With this money, I can get away from every rotten, stinking thing that makes me think of this place or you! — James M. Cain

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, It's really hard to know when you're lucky and when you're smart. — Michael Lewis

I don't even think I'm that good at rapping, but I think what makes a great rapper - what CAN make a great rapper - is someone who wants to be better. — Donald Glover

Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others. — Michael Lewis

Even if you break with me and crush my heart, I'm never getting back together with Dawn. I know that the world isn't flat now, I'm not going back. — Rainbow Rowell

Life is so precious, such a gift, and that you have to live for you. — Tyler Perry

The saddest day of your life is when you decide to sell out, and nobody wants to buy. — Norman Spinrad

Film is something I've always loved since I was very young. In fact, I actually wanted to study to be a filmmaker when I was younger. — Gustavo Santaolalla

By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley all had what they termed "shelves" for their subprime wares, with strange names like HEAT and SAIL and GSAMP, that made it a bit more difficult for the general audience to see that these subprime bonds were being underwritten by Wall Street's biggest names. — Michael Lewis

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn't ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn't know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. — Michael Lewis

We need a new kind of citizenship, so that we can see citizens as themselves earning the rank of patriot because of their involvement in their community affairs ... We as a society need to be encouraging people to focus not just on individual wants but on serving the larger community. — Paul Wellstone

It is a sad moment when I sit back and take a critical inventory of my life. I have never allowed myself to dwell on it. — Alessandra Torre

If I sing "you broke my heart, you left me flat," everyone knows exactly what that means - they know the story. But if I sing a line that's plaintive or wailing, people can experience their own set of emotions and their own story. Each of us might give that phrase a different meaning. It's open to interpretation, and one song becomes a thousand songs. I love that. — Bobby McFerrin

It is a sure criterion of the civilisation of ancient Egypt that the soldiers did not carry arms except on duty, and that the private citizens did not carry them at all. — William Winwood Reade

If you do not fling old ideas out of your mind, you cannot give birth to new ones. — Peter Deunov

The subprime mortgage machine was up and running again, as if it had never broken down in the first place. If the first act of subprime lending had been freaky, this second act was terrifying. Thirty billion dollars was a big year for subprime lending in the mid-1990s. In 2000 there had been $130 billion in subprime mortgage lending, and 55 billion dollars' worth of those loans had been repackaged as mortgage bonds. In 2005 there would be $625 billion in subprime mortgage loans, $507 billion of which found its way into mortgage bonds. — Michael Lewis

Until we realise ourselves as the Absolute, we cannot attain to deliverance. — Swami Vivekananda

default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. Or, rather, a unit of AIG called AIG FP. AIG Financial Products was created — Michael Lewis

I always liked having a good time. I got into this business because I got fired from any job I ever had because I stayed out late playing music. — Jerry Jeff Walker