On: Mortgages are a manufactured product (2022)

[JumpCrisscross]

> Michael Milken is the man that popularized mortgage securitization on wall-street

No, he didn’t. He did high-yield corporate debt. Mortgages are neither high yield nor corporate.

[blackhawkC17 → JumpCrisscross]

It’s usually people with the least financial knowledge that rant the most and lie a lot too.

Suddenly, mortgages have become a bad thing..

[Joel_Mckay → blackhawkC17]

"Like everything else, it started off with great intentions"

https://financialpost.com/financial-times/how-bonds-ate-the-...

..and people like you... easily swayed by sycophantic idealism, and irrational greed.

Have a wonderful day, and please refrain from resorting to straw-man arguments and slander if you are feeling upset by facts. =3

[JumpCrisscross → Joel_Mckay]

You’re both wrong. I’ve worked with some of the people who invented these products and still had to double check your reference to make sure I was correct. I was—Milken didn’t popularise mortgage securitisation. Ranieri did.

[Joel_Mckay → JumpCrisscross]

If you actually read the posted article it describes Lewis Ranieri's role in detail.

There is no right or wrong here in my opinion... just history and documented facts validated through a vetted jury conviction.

I wish it was an ill informed opinion kid... I really do... I'd feel much less guilty seeing families growing up in Condos the size of a garden shed.

[JumpCrisscross → Joel_Mckay]

> There is no right or wrong here in my opinion

You said “Michael Milken is the man that popularized mortgage securitization on wall-street.” That is wrong.

[Joel_Mckay → JumpCrisscross]

He founded the risk market investment mechanism, and went to jail for what he tried next.

Perhaps you personally need a finer granularity of assigned responsibility, but the product relationship is very clear for most observers.

Best of luck =)

[JumpCrisscross → Joel_Mckay]

> He founded the risk market investment mechanism

“Risk market investment mechanism” is gibberish.

Milken did not ”[popularize] mortgage securitization”. Ranieri was at best his contemporary; he was not inspired by Milken. Your own article is a good source on this.

> read the article

I recommend Fabozzi’s Fixed Income as an introductory text if you’re drawing the (incorrect) conclusions that you are from that FT article.

[Joel_Mckay → JumpCrisscross]

Whoops, my mistake... been a few years since reviewing the story... its hard to keep all their sins in order... given the volume.

I feel terrible... really I do... Have a wonderful Monday. =3

https://www.usdebtclock.org/