Cityphobia
John Lanchester: The Crash, 23 October 2008
“... and wild-westish the process became, take a look at a book by a former Texas mortgage broker, Richard Bitner, called Confessions of a Sub-Prime Lender.† The invention which made it possible for the lending to become so reckless was securitisation: the process by which loans were added together and sold on to other institutions as packages of debt. This ... ”