--- title: "6 Subprime-mortgage-loans Quotes by 2 authors" description: "Browse 6 Subprime-mortgage-loans quotes by 2 authors. Discover the best Subprime-mortgage-loans sayings and thoughts." image: "https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg" --- > [“People aren't pissed just to be pissed. They're mad because a tiny group of crooks on Wall Street built themselves beach houses…](https://sms4smile.com/quotes/matt-taibbi/people-aren-t-pissed-just-to-be-pissed-they-re-mad-because-a-tiny/) [Matt Taibbi](https://sms4smile.com/quotes/author/matt-taibbi/) [Image](https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg) > [“By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs,…](https://sms4smile.com/quotes/michael-lewis/by-early-2005-all-the-big-wall-street-investment-banks-were-deep-into/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/f56/michael-lewis-705_customer_by-early-2005-all-the-big-wall-street-in_272379.png) > [“Long Beach Savings was the first existing bank to adopt what was called the “originate and sell” model. This proved such a…](https://sms4smile.com/quotes/michael-lewis/long-beach-savings-was-the-first-existing-bank-to-adopt-what-was/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/fa9/michael-lewis-705_customer_long-beach-savings-was-the-first-existin_301474.jpg) > [“Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a…](https://sms4smile.com/quotes/michael-lewis/back-in-july-2003-he-d-written-them-a-long-essay-on-the-causes-and/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/dde/michael-lewis-705_alan-greenspan_back-in-july-2003-he-d-written-them-a-lo_1874982.png) > [“Where to find the borrowers with high FICO scores? Here the Wall Street bond trading desks exploited another blind spot in the…](https://sms4smile.com/quotes/michael-lewis/where-to-find-the-borrowers-with-high-fico-scores-here-the-wall/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/02d/michael-lewis-705_point-of-view_where-to-find-the-borrowers-with-high-fi_2520948.jpg) > [“It is ludicrous to believe that asset bubbles can only be recognized in hindsight,” he wrote. “There are specific identifiers that are…](https://sms4smile.com/quotes/michael-lewis/it-is-ludicrous-to-believe-that-asset-bubbles-can-only-be-recognized-2/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/8a8/michael-lewis-705_asset-bubble_it-is-ludicrous-to-believe-that-asset-bu_2812533.jpg) ## Top authors on Subprime-mortgage-loans - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b017/author-michael-lewis-67263.jpg) Michael Lewis 5 quotes ](https://sms4smile.com/quotes/about/subprime-mortgage-loans/michael-lewis/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/subprime-mortgage-loans/#itemlist", "name": "Subprime-mortgage-loans Quotes", "numberOfItems": 6, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "“People aren't pissed just to be pissed. They're mad because a tiny group of crooks on Wall Street built themselves beach houses in the Hamptons through a crude fraud scheme that decimated their retirement funds, caused property values in their neighborhoods to collapse and caused over four million people to be put in foreclosure.”", "creator": { "@type": "Person", "name": "Matt Taibbi" }, "url": "https://sms4smile.com/quotes/matt-taibbi/people-aren-t-pissed-just-to-be-pissed-they-re-mad-because-a-tiny/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg", "url": "https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg", "width": 1080, "height": 1080, "caption": "“People aren't pissed just to be pissed. They're mad because a tiny group of crooks on Wall Street built…” — Matt Taibbi", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "“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.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/by-early-2005-all-the-big-wall-street-investment-banks-were-deep-into/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f56/michael-lewis-705_customer_by-early-2005-all-the-big-wall-street-in_272379.png", "contentUrl": "https://sms4smile.com/quotes/i/f56/michael-lewis-705_customer_by-early-2005-all-the-big-wall-street-in_272379.png", "url": "https://sms4smile.com/quotes/i/f56/michael-lewis-705_customer_by-early-2005-all-the-big-wall-street-in_272379.png", "width": 1080, "height": 1080, "caption": "“By early 2005 all the big Wall Street investment banks were deep into the subprime game. 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This proved such a hit—Wall Street would buy your loans, even if you would not!—that a new company, called B&C mortgage, was founded to do nothing but originate and sell.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/long-beach-savings-was-the-first-existing-bank-to-adopt-what-was/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fa9/michael-lewis-705_customer_long-beach-savings-was-the-first-existin_301474.jpg", "contentUrl": "https://sms4smile.com/quotes/i/fa9/michael-lewis-705_customer_long-beach-savings-was-the-first-existin_301474.jpg", "url": "https://sms4smile.com/quotes/i/fa9/michael-lewis-705_customer_long-beach-savings-was-the-first-existin_301474.jpg", "width": 1080, "height": 1080, "caption": "“Long Beach Savings was the first existing bank to adopt what was called the “originate and sell” model. This…” — Michael Lewis", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "“Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a likely housing crash: “Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/back-in-july-2003-he-d-written-them-a-long-essay-on-the-causes-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dde/michael-lewis-705_alan-greenspan_back-in-july-2003-he-d-written-them-a-lo_1874982.png", "contentUrl": "https://sms4smile.com/quotes/i/dde/michael-lewis-705_alan-greenspan_back-in-july-2003-he-d-written-them-a-lo_1874982.png", "url": "https://sms4smile.com/quotes/i/dde/michael-lewis-705_alan-greenspan_back-in-july-2003-he-d-written-them-a-lo_1874982.png", "width": 1080, "height": 1080, "caption": "“Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a…” — Michael Lewis", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "“Where to find the borrowers with high FICO scores? Here the Wall Street bond trading desks exploited another blind spot in the rating agencies’ models. Apparently the agencies didn’t grasp the difference between a “thin-file” FICO score and a “thick-file” FICO score. A thin-file FICO score implied, as it sounds, a short credit history. The file was thin because the borrower hadn’t done much borrowing. Immigrants who had never failed to repay a debt, because they had never been given a loan, often had surprisingly high thin-file FICO scores. Thus a Jamaican baby nurse or Mexican strawberry picker with an income of $14,000 looking to borrow three-quarters of a million dollars, when filtered through the models at Moody’s and S&P, became suddenly more useful, from a credit-rigging point of view. They might actually improve the perceived quality of the pool of loans and increase the percentage that could be declared triple-A. The Mexican harvested strawberries; Wall Street harvested his FICO score.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/where-to-find-the-borrowers-with-high-fico-scores-here-the-wall/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/02d/michael-lewis-705_point-of-view_where-to-find-the-borrowers-with-high-fi_2520948.jpg", "contentUrl": "https://sms4smile.com/quotes/i/02d/michael-lewis-705_point-of-view_where-to-find-the-borrowers-with-high-fi_2520948.jpg", "url": "https://sms4smile.com/quotes/i/02d/michael-lewis-705_point-of-view_where-to-find-the-borrowers-with-high-fi_2520948.jpg", "width": 1080, "height": 1080, "caption": "“Where to find the borrowers with high FICO scores? 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The FBI reports mortgage-related fraud is up fivefold since 2000.” Bad behavior was no longer on the fringes of an otherwise sound economy; it was its central feature.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/it-is-ludicrous-to-believe-that-asset-bubbles-can-only-be-recognized-2/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8a8/michael-lewis-705_asset-bubble_it-is-ludicrous-to-believe-that-asset-bu_2812533.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8a8/michael-lewis-705_asset-bubble_it-is-ludicrous-to-believe-that-asset-bu_2812533.jpg", "url": "https://sms4smile.com/quotes/i/8a8/michael-lewis-705_asset-bubble_it-is-ludicrous-to-believe-that-asset-bu_2812533.jpg", "width": 1080, "height": 1080, "caption": "“It is ludicrous to believe that asset bubbles can only be recognized in hindsight,” he wrote. “There are…” — Michael Lewis", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/subprime-mortgage-loans/#webpage", "url": "https://sms4smile.com/quotes/about/subprime-mortgage-loans/", "name": "Subprime-mortgage-loans Quotes", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/subprime-mortgage-loans/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/e8f/matt-taibbi-2257_angry_people-aren-t-pissed-just-to-be-pissed-t_251265.jpg" }, "description": "Browse 6 Subprime-mortgage-loans quotes by 2 authors. 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