Here’s a funny yet educational slide show (alternate link) explaining how the subprime mortgage mess was created through some complex financial trickery and well… simple and stupid assumptions. You know, like (1) housing prices always go up and (2) you can always refinance to another loan. There are a few expletives, but I would rate it PG-13.
Thanks to Kirsten who e-mailed it to me. I couldn’t find an author, but it seems to have been first posted online by The Big Picture.
By Jonathan Ping | General | 2/22/08, 1:28pm