The Big Short Quote
Mortgage Broker: So, is Morgan Stanley recruiting us? Is that...
Porter Collins: Oh, no. No. The bank owns our hedge fund but we're not really a part of it. We invest in financial service companies and we're trying to understand the residential mortgage business.
Mark Baum: How many loans do you write each month?
Mortgage Broker: Pffft! About sixty.
Mark Baum: What was it four years ago?
Mortgage Broker: Ten... maybe fifteen.
Mortgage Broker: Yeah, I was a bartender. Now I own a boat.
Danny Moses: You own a boat? So how many of these are, uh, adjustable rate mortgages?
Mortgage Broker: Well, most. Yeah, I'd say about ninety percent. The bonuses on those skyrocketed a few years ago. Adjustables are our bread and honey.
Danny Moses: So do applicants ever get rejected?
Mortgage Broker: [laughs]Seriously? Look, if they get rejected, I suck at my job.
Danny Moses: Even if they have no money?
Mortgage Broker: Well, my firm offers NINJA loans - no income, no job. I just leave the income section blank if I want. Corporate doesn't care. These people just want homes, you know, and they just go with the flow.
Danny Moses: Good for you.
Mark Baum: Your companies don't verify?
Mortgage Broker: If I write a loan on Friday afternoon, big bank will buy it by Monday lunch.
Porter Collins: Oh, no. No. The bank owns our hedge fund but we're not really a part of it. We invest in financial service companies and we're trying to understand the residential mortgage business.
Mark Baum: How many loans do you write each month?
Mortgage Broker: Pffft! About sixty.
Mark Baum: What was it four years ago?
Mortgage Broker: Ten... maybe fifteen.
Mortgage Broker: Yeah, I was a bartender. Now I own a boat.
Danny Moses: You own a boat? So how many of these are, uh, adjustable rate mortgages?
Mortgage Broker: Well, most. Yeah, I'd say about ninety percent. The bonuses on those skyrocketed a few years ago. Adjustables are our bread and honey.
Danny Moses: So do applicants ever get rejected?
Mortgage Broker: [laughs]Seriously? Look, if they get rejected, I suck at my job.
Danny Moses: Even if they have no money?
Mortgage Broker: Well, my firm offers NINJA loans - no income, no job. I just leave the income section blank if I want. Corporate doesn't care. These people just want homes, you know, and they just go with the flow.
Danny Moses: Good for you.
Mark Baum: Your companies don't verify?
Mortgage Broker: If I write a loan on Friday afternoon, big bank will buy it by Monday lunch.
Movie: The Big Short
