Famous Quotes & Sayings

Quotes & Sayings About Subprime Mortgages

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Subprime Mortgages Quotes By Peter Thiel

There have been a lot of critiques of the finance industry's having possibly foisted subprime mortgages on unknowing buyers, and a lot of those kinds of arguments are even more powerful when used against college administrators who are probably in some ways engaged in equally misleading advertising. — Peter Thiel

Subprime Mortgages Quotes By Seth Klarman

Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny days and are almost never stress-tested for stormy weather. Securitization is an area that almost perfectly fits this description; markets for securitized assets such as subprime mortgages completely collapsed in 2008 and have not fully recovered. Ironically, the government is eager to restore the securitization markets back to their pre-collapse stature. — Seth Klarman

Subprime Mortgages Quotes By Reclamation Project

Sharecropping is the dirty little secret at the root of America's wealth - along with slavery itself. The immense profits generated by the industrious yet impoverished Black "sharecroppers" and "tenant farmers" financed Europe's and America's Industrial Revolution, including the building of their railroads, factories, mills, and their entire infrastructure. It is truthfully asserted that the major cities of America and the Western world were "built with bricks of cotton." Today the debt traps designed to ensnare the working poor and middle class in a lifelong cycle of debt - the high-cost installment loans that charge usurious interest rates of 100% or more, the "payday" loans that charge 400% interest, the extortionate credit card multi-charges, the subprime mortgages with ballooning interest rates, and the home equity loan swindles - are the bastard children of the sharecropping American South. It — Reclamation Project

Subprime Mortgages Quotes By Michael Lewis

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

Subprime Mortgages Quotes By Ann Coulter

I think Obama has redefined the Democratic Party. It used to be the party of acid, amnesty, and abortion, and now it's surrender, socialism, and subprime mortgages. — Ann Coulter

Subprime Mortgages Quotes By Gilad Atzmon

It was Greenspan who through some excessive deregulation prepared the monetary ground for the rise of the subprime mortgage companies: a lending market that specialises in high-risk mortgages and loans.
'Innovation', said Greenspan in April 2005, 'has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants'.
It is almost touching to find out that Greenspan cares so much about immigrants. — Gilad Atzmon

Subprime Mortgages Quotes By 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

Subprime Mortgages Quotes By Eddie Huang

Bankers make money, too, but I'm not running up into Chase and throwing milk shakes at the homie selling subprime mortgages. — Eddie Huang

Subprime Mortgages Quotes By Elizabeth Warren

If you don't talk about families, then it's easy to disembody subprime mortgages and asset securitization and unemployment rates without remembering that every one of those numbers is a million families. — Elizabeth Warren

Subprime Mortgages Quotes By Gary Weiss

No other facet of American business is more corrupt, more intoxicated with illegality, more weakly regulated, and has a greater impact on poor and working people than debt collectors; not credit card companies or subprime mortgages, not even payday lenders. — Gary Weiss

Subprime Mortgages Quotes By Matt Taibbi

What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them. — Matt Taibbi

Subprime Mortgages Quotes By Niall Ferguson

The risk was spread across the globe from American state pension funds to public health networks in Australia and even to town councils beyond the Arctic Circle. In Norway, for example, the municipalities of Rana, Hemnes, Hattjelldal and Narvik invested some $120 million of their taxpayers' money in CDOs secured on American subprime mortgages. — Niall Ferguson

Subprime Mortgages Quotes By Dave Brat

Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too much money back in '03 and '04, caused the housing collapse. So we need to take free markets seriously. That means we have to put an end to all these tax credits and tax deductions and loopholes. — Dave Brat

Subprime Mortgages Quotes By Trevor Noah

We live in a world where we don't see the ramifications of what we do to others because we don't live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off.
If we could see one another's pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place. — Trevor Noah