I want to buy swaps on mortgage bonds, uh, credit default swaps that will pay off if the underlying bond fails, uh, against the housing market. Those bonds only fail if millions of Americans don't pay their mortgages. It's never happened in history. Excuse me, Dr. Barry, it seems like a

foolish investment based on the prevailing sentiment of the market. Banks in popular culture, yes, it's a foolish investment, but uh, everyone's wrong. This is Wall Street, Dr. Barry. If you offer us free money, we are going to take it. My one concern is, is that uh, when the

bonds fail, uh, I, I want to be certain of payment in case of solvency issues with your bank. I'm sorry, are you for real? You want to bet against the housing market and you're worried we won't pay you? Yes, that's right.

Dr. Barry, we could work out a pay-as-we-go structure that would pay out if the bonds fail, but it would also apply to your payments if the value of the mortgage bond goes up. You'd have to pay us monthly premiums. Is that acceptable, Dr. Barry?

Um, I have prospectuses on six mortgage-backed securities. I'm not sure, foreign, why should be fine. Yeah, we're prepared to sell you five million in credit default swaps on these mortgage bonds. We make it 100 million? Absolutely, we can make it 100 million.

I like these cups. Could I take one for my son? Yes. I have two video projects. We do gardening, we do the bonds. I'd like to, uh, but it's not bad seeing yourself up there on the big screen. It's very cool. [Music] [Applause]

Big Short - Credit Default Swaps

James Aaron Brown

주택 시장에 베팅하여 모기지 채권에 대한 신용 디폴트 스왑을 매입하는 제안.

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은행 지급불능 문제가 발생할 경우 지급에 대한 우려를 표현합니다.

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모기지 담보 증권의 세부 사항과 거래의 가치에 대한 논의.

1억 달러 규모의 신용 불이행 스왑을 판매하기로 합의했습니다.

주요 거래와 관련이 없는 컵 및 비디오 프로젝트에 대한 일상적인 대화.