What would the "father of the Mortgage Backed Security" have to say on the current subprime crisis in the US? Thats something that struck me the other day, when I saw someone reading the Wall Street cult novel Liar's Poker.
"We're restructuring a loan around a borrower; he can't afford the loan and now we're going to take the NPV of the change and send him a tax bill so the IRS can chase him . . .?" Read more (courtesy: Calculated Risk blog)