On the recordMay 4, 2010
So ultimately we wound up with a situation in which the financial industry had set up a scheme to sell mortgages to people who couldn't possibly pay those mortgages over time. They were often sold with teaser rates, low interest rates for a year or two, and then it reset to a much higher rate so the payments would be impossible to make at that point. Then they took those products, those individual mortgages, put them all together and repackaged them into this magnificent tower of----
Source
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