They have no money down, 1 million loan, subprime, negative amortization, they had no credit rating, etc, etc.

Yeah. He was truly gifted.

I bought this TV on the installment plan.

Look!

What about me?

I bought this TV on the installment plan.

He has natural gifts.

If we put a four in that equation...

Rick Mm hmm.

Hey, Lone Ranger.

Did you get the loan?

It's alright

I can pay off my bank loan!

Let's say I make another loan for 300.

The mortgage...

Hey, what were you guys doing?

OK, so now we're in an interesting situation.

They didn't make loans and then sell the loans.

I want more time

I got a mortgage. I got car payments.

Empress of the Lone Islands!

You haven't any freedom.

Or they might even start to buy things that aren't Treasuries.

When you have a brilliant mind, you have a special obligation.

There's still dead bodies

And just to be clear, so the asset within this entity are the loans.

Who knows?

Most of the loans we're familiar with in our personal

Let's say it's um let's say its 10 billion of commercial mortgages.

I took a loan against the equity that

Maybe a billion of these are a loan from bank B.

So they just kind of held fast and didn't sell their CDOs.

So let's say, this person goes to a bank.

So let's think about how we manage our money.

So right here are a whole bunch of people's mortgages.

So what just happened?

So we get a 50 recovery.

What, bullets?

And let's say you still owe pretty close to 150 thousand on the loan to the bank your loan might have even been an interest only loan but even after a year or two you're probably not going to pay down the balance of your loan too much it might be like 140 thousand, or 145 thousand

How many payments will it take to pay off this loan?

Interest on loans is high at present.

Let me just do one more loan.

lender, that has maybe similar terms.

This is what I do. Okay?

My mom couldn't afford the mortgage.