Detailed text transcripts for TV channel - MSNBC - 20120129:14:19:00
Mortgage-backed security was a good investment. just a pool of mortgages, you buy a share of the -- income stream from the mortgages and -- everyone had 30-year fixed rate mortgage. i had a 30-year fixed rate mortgage. and america was still in this lend and hold model p.m. bank lent the money, paid off the bank that lent it to you. it changed into what you just called securitization machine. the point wasn't to finance people to buy homes. the point was to pour as many mortgages as you could, sell off the shares and get more mortgages. there was almost an element of desperation that took over ...
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