Full disclosure, I worked with a subprime lender on an IT project for a couple of years back around the turn of the century. Even then, we were seeing the risks inherent in moderate scale defaulting on those loans and the impact that it had on the securitization pools because of the built in covenants in those securities.
Fast forward to the present day and we find a bunch of folks out there boiling down the history of the subprime crisis that is now at hand.
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