April 19, 2010

Quote of the Day: Subprime Lending

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From 13 Bankers, by Simon Johnson and James Kwak:

Before the market for private mortgage-backed securities took off in the 1990s, subprime lending was constrained by the fact that subprime lenders wanted to be paid back.

Indeed. There is something remarkable about living in a world in which this sentence can not only be written, but actually makes sense.

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