Sub Prime Securities Losses
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Between 2000 and 2007, there was a dramatic increase in the number of “exotic” mortgage loans made to borrowers. These loans were structured in many ways including: option adjustable rate mortgage loans (loans which permit the borrower to pay less than is owed with the unpaid amount being added to the principal), interest only adjustable rate mortgage loans (loans which permit the borrower to pay on interest without any reduction of principal), “teaser” adjustable rate mortgage loans (loans with very low interest rates for the first several years which reset to higher interest rates), “piggyback” mortgage loans (loans which allow the borrower to finance most, if not all, of the purchase price of a home with no down payment), and home equity loans (loans which tap the equity a borrower has in his home).
There was also a dramatic increase in Wall Street investment firms assisting in securitizing and selling mortgage related securities including both mortgage backed securities, collateralized debt obligations, structured investment vehicles and conduits. In 2006, Wall Street took in at least $27 billion in revenues selling and trading asset backed securities.
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