FYI: When Lewis Ranieri invented mortgage bonds, he never thought it would turn out this way.
Four decades ago, Mr. Ranieri was at the helm of a revolution in how Americans finance their homes. Until then, mortgages largely stayed on the books of local savings banks. Mr. Ranieri created a secondary market that packaged mortgages into securities sold to investors.
For that he was immortalized in Michael Lewis’s book “Liar’s Poker,” which profiled Mr. Ranieri’s mortgage-trading department at investment bank Salomon Brothers in the 1980s.
Regards,
Ted
https://www.wsj.com/articles/the-regrets-of-lewis-ranieri-1536240610
