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subprime mortgages

2 statements across 1 episodes · 0 bullish · 2 bearish · 1 people on the record · first statement Sep 12, 2022 by Greg Lippmann · across every show →

Everything said about subprime mortgages, oldest first

Sep 12, 2022 bearish
Assertion Supported
Lippmann: Slow-growth 2000-vintage mortgages had 28% defaults and 50%+ losses
“But if you looked at the bottom quartile for houses, they were going up three to four percent per year, and 28% of the people were defaulting. And we were losing 50, 55 cents on the dollar when they did, because of the similar type of slippage.”
Greg Lippmann Sep 12, 2022 ▶ 14:36 Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270)
Sep 12, 2022 bearish
Assertion Supported
Lippmann: 2000-vintage mortgages in booming regions had 6-7% default rates
“What we saw was that after six years, The default rate in places in the top quartile where homes were going up 12 to 14% a year, the default rate was still six or seven percent.”
Greg Lippmann Sep 12, 2022 ▶ 13:54 Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270)
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