In the last half dozen years of my career with an investment bank, I have only seen one aspect of it - Mortgage backed securities. These considered the golden years for American mortgage businesses, banks, lending institutions, home owners and builders has finally seems to have ended with the melt down of the Sub Prime business. No doubt it has created a culture of home ownership in America, but at what cost? The effect seems to have snow-balled and started affecting everyone else around the world.
Often used to wonder about the kind of innovative products they have created around these home loan obligations - ARMs, REMICS, Sub Prime mortgages, CMOs, RMBS.., and firms in New York added hundreds of thousands of jobs and have grown by leaps and bounds each year. Mortgage trading desks, the big bullies of investment banks over shadowed everyone else and used to dictate terms and everyone else's bonuses!
Is it a coincidence that my desertion caused this havoc, just kidding ?!
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