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MARK: Okay, Mr. Vennett from Deutsche Bank. What do we have? There you go. MARK: So, how many people have you talked to about this trade? A few. There’s definitely some interest. No! My boss would have my ass… N.O.! You crazy, Jared? Get lost. you. Which is why you’re here talking to us, a wrong number. Sounds like there’s a lot of interest. All right. A few people have invited us in just to laugh at me on this deal. Is that you? Is that what this is? VINNIE: That’s not what this is. That’s just how Mark is. Let’s see what you got. I’m sorry. You smell that? What is that? MARK: What? What’s that smell? Your cologne? JARED: No. Opportunity. No. Money. Oh… MARK: Okay. I smell money. Okay. Chris, God damn it. Sorry. JARED: This is your basic mortgage bond. All right? The originals were simple. They were just thousands of AAA mortgages bundled together, guaranteed by the U.S. government. The modern ones are different. They’re private. And they’re made up of layers of tranches. The highest level, AAA, is getting paid first. The lowest rated, B, is getting paid last, taking on defaults first. Now, obviously, if you’re buying B’s, you could make more money. But they’re a little risky. Sometimes they fail. Chris? Somewhere along the line, these B’s and BB’s went from a little risky to dog shit. Where’s the trash? PORTER: It’s right behind you. I’m talking rock bottom FICO scores. (THUNKING) No income verification. (THUNKING) Adjustable rates. Dog shit! The default rates are already up from % to %, fellas. And if they rise to %, and they will, a lot of these BBB’s are going to zero, too. And that… You’re too close. …is an opportunity. (EXHALES) MARK: Okay. You’re saying that at % the bonds fail and we are already at %? That’s right. If they go to %, it’s Armageddon? Yeah. That’s right. How come nobody’s talking about this? You’re completely sure of the math? Look at him. That’s my quant. MARK: Your what? My quantitative! My math specialist. Look at him.



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