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The Credit Cruncher
- 4. Subprime mortgages
=
greater risk of default
a history of bad loans or defaults,
those with a recorded bankruptcy,
or limited debt experience
- 5. Sub-prime
Sub-prime mortgage Sub-prime
mortgage mortgage
Sub-prime Sub-prime
mortgage mortgage
- 6. Bankers named these
“Collateralised Debt
Obligations!”
Note: Earlier name, “Worthless Junk”, was less popular with investors
- 8. US investment
banks are
prime movers
in these
transactions
(‘possibly’ not a real banker)
- 9. Banks,
governments,
businesses around
the world bought
these ‘rock solid’
assets
- 11. Debt
assets
Debt
assets
Debts
- 20. up to 100 US mortgage
lenders close down and....