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风险错配
抵押贷款演变成了一种肮脏的赚钱方式。你们尝试利用完全负担不起信贷的人群的愚蠢,以赚取高额回报。这绝不是我想要的赚钱方式。你们应当通过卖给人们合适的产品的方式来赚钱。
Mortgage lending became a dirty way to make money. You take people that can't handle credit and try to make very high returns by abusing and encouraging their stupidity—that's not the way I want to make money in banking. You should try to make money by selling people things that are good for the customer.
在过去,银行发放的住房抵押贷款会计入其资产负债表内,所以它会对借钱的对象非常谨慎。然而,随着商业模式的改变,银行开始将自己的抵押贷款出售给其他公司,这时候它贷款给谁已经不再重要了,因为它会立刻将新的抵押贷款卖出去。事情慢慢地变为,银行发放的抵押贷款越多,银行就可以赚更多的钱。如果房主违约,那又怎样呢?银行早已经脱离干系了。银行正是靠这种方式将一项无聊的、不怎么赚钱的交易,变为一项让人兴奋的高利润买卖。