rant · moment 6 of 19
Pitching His Life Story: Mortgage Fraud and the 2008 Crash
from The Advocate · #143
Audio-only archive episode — no video to seek.
8 minTim describes pitching a show based on his time as a closeted addict selling subprime mortgages in 2009, explaining in detail how Alt-A loans, adjustable rates, and equity-tapping worked, and arguing that most "victims" of the mortgage crisis were actually scammers themselves, including his own $600k no-income loan.
- 17:44Tim pitches a show about his life as a closeted drunk cocaine addict selling mortgages in 2009.
- 18:32Hollywood executives and their agents are a specific type of person, generally ones rejected by Goldman Sachs.
- 19:45Tim bought a $600,000 house with 106% financing and no income or assets, just a good credit score.
- 20:34The entire show is about the disaster and tragedy of his life stemming from that mortgage.
- 21:01People who got mortgages they couldn't afford were handed money they shouldn't have had, not historical victims.
- 21:53A dishwasher on salary shouldn't buy a $750,000 house because basic math and logic weren't explained to them.
- 22:28Subprime mortgages let borrowers state their income without proof and get adjustable rates that would reset.
- 22:58When housing stopped appreciating, people couldn't refinance anymore because there was no equity to tap.
- 23:37Alt A loans were given to people with good credit who wanted to buy investment properties or second homes.
- 24:14People thought they were real estate moguls when they bought properties with no money down, letting renters pay the mortgage.