Glossary
Lending money to people, especially poor homebuyers, who are unlikely to be able to repay.
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subprime
Lending money to people, especially poor homebuyers, who are unlikely to be able to repay.
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Key Notes
model
Subprime lending became possible through Clinton-era minority homeownership policy and the 1999 repeal of Glass-Steagall, which combined retail and investment banking and encouraged riskier financial vehicles.
Timestamped Evidence
Transcript
"...what allowed the Great Financial Crisis to happen is something called subprime. Okay? Subprime just means that you're lending money to people who can't..."
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"Okay? But there are certain things that happen to make subprime happen. Okay? So, the first thing is that Bill Clinton, he really wanted..."
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"And so, that's what the act said. Versible. Okay? It's trying to mitigate risk in the system. But by repealing the Glass -Steagall Act,..."
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"...which means Collateral Debt Obligations. Okay? But basically, it just means subprime. Right? The idea is that mortgages are a good investment because people..."
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"Okay? The problem, of course, is subprime could lead to default. Okay? But at this time in history, no one was concerned about default..."
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