The loans were crappier than we'd thought

If you have been too busy trying to make a living to get yourself up to speed on how the "securitize and sell" model of mortgage lending works -- you know, the one that's got the global economy teetering on the brink of recession -- here's your chance to be educated about CDOs, SPVs and tranches by stick figures using four-letter words.

According to the (awesome) financial blog The Big Picture, Wall Street traders have been circulating this PowerPoint presentation for a few days. I laughed, and my guess is it's just hysterical if you were part of the process. For homeowners watching their equity slip away, maybe not so much. 

Advisory: PowerPoint presentation contains subject matter and language not suitable for children.

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