Subprime for dummies

Here is a funny and easy-to-understand slideshow on what the subprimes loans are. Enjoy !

http://docs.google.com/TeamPresent?revision=_latest&fs=true&docID=ddv7hj34_03774hsc7&skipauth=true

I made you a short summary if you are too lazy to read it :
1) Mortgage brokers lended money to people who really couldn't afford it (unstable job, no downpayment), based on the expected eternal growth of the US housing market;
2) The banks (which are not the mortgage brokers), know these loans are shitty, so they sell them to the "smart guys" in NY for them to solve the problem;
3) To be continued ...


And here is a map showing where such loans were most prevalent :

http://www.nytimes.com/interactive/2007/11/03/weekinreview/20071103_SUBPRIME_GRAPHIC.html#