Dana El-Kurd

This is what these people are doing with mortgages.

that's not as like secured as like a government bond.

Cause if I have a hundred dollar government, like if I have a hundred dollar bearers bond, I know for a fact that on the date on the bond, it's going to be worth a hundred dollars.

Yeah.

They're going to pay out.

Right.

But if it's somebody's mortgage, the government's going to pay it.

But like my hand is behind my back.

Yeah, it's a shit show.

And this whole process is the largest sort of... I'm not sure if that's actually the largest.

I would need to actually get... I haven't seen in-depth breakdowns sectorally, but like... None of this is real.

You could just say whatever.

This is one of the most important kind of shadow banks because...

In order to turn this mortgage into security, the moment you do that, you do this by creating what's called a special purpose vehicle or someone else creates one.

It's called a special purpose vehicle.

Yeah, it's a nightmare.

It's a nightmare.

Yeah, it's fucking ridiculous.

Right.

It's a special purpose vehicle.