Ace Mortqaqe Brokers

,(s,e;e, I"d' ~ i ke t<O' htlo/ a Ji:OIJIS,e btJi'lf I~l'(];\i\enllir 5"(I;\i\E!d allY mon:ey for a dow I1p{lymerli~ and I dOI'l"t trhi ok I 0011 afford1t~'lie monihly payments,,, Carli y'O{I~Je~p'

Sm.,eJ SinGe 1Ihe wltJ:e of ¥'O'UII' i'tollJls,e W i ~ I always: gOi UiP, w,e d,o!rli"li

n .. d downl"'y","n,s anyrno"'" ~ 0

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"'w', M' !,., 'y" 0' ,," C'" '" T "II'

", e " 2lJrJ.8 II our "reams ',' -ome: .I rue

.And weeon gi\i!e YOUI a r.ool~y r.ea~ly iow ilflilt.er.es:'t ra1i,e foEFr af,ew y.ears." We"~1 rais.e ir later, okay?

StJ!re" 110 problem" Umm.1iher!t"s on:eoUlier 1II'1;ing."." liny ,empIDrye:r is. a i"\OO~ p:ri ck GOO [might no'll \!Ie:rify my ,emplo')'lmenilr"W;o ulid' n)(];l be a 'piroMem?

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Nope, W,eool'l get ¥o[] a special "Liar,IIs L(lell'l" Cll1d Y'O'IJIOOI'I \i\erify yaulr OfVI!' rli ,e:mploQ,ymeIli1i and, i ncomel

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Ace Mortqaqe Brokers

"We Make: ¥OlUlf Dreams Dome True"

YOUI SlU'),!> ar:e aw~ome!, YOtJI ar:e :~ooliy wi'lhtl9 to w,o,rk '!IV ith gUryS I i ~e me"

W.elt Wie Jdon"t Gc.1iu)(l~ly lend yotJl1r~e mo;ney-- (l o£ll'lk will d,QI thnt '_- :5'0 w,e don"ji ,r:ooUy cat"le if yo ulr.e:pay J~e loon, We :5f:i II get nUll" cDmmissiu,l'1I"

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First Banik of' IBanlklland, lnc

NEW MORTGAGE FIILE

:RS,G Investment Banik ofWall Street

P~iew!l! W,e"d beft.e'r get rid ofUJe5',e s:hifly ltnoMgages befor:e they s:'fii([rf aflrractin,g flies.

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RS,G Investment Banik ofWall Street

Burti' Wli)O woull'd, b 1.lr'y1ihis crap', Boss?

RS,G Investment IBanlk of Wall Street

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I"\ill! g-ot i;t! Firsf 'W;e'''I~ c:r.OOT,l! a n:ew sec[Jlrity ana, us,e T~Jes,e cra~,~,y morTgages iI1Sool~aT;eraL W;e"~~ call ii' a -ClDO (olr imaybe CMO)" W;e can sell that OJ.o io i'I:wl!-:slm:rs and pro:mis,e to 'pay 1i~e!m back ctS ~he mortg.ages ar.epaid off.

RS,G Investment Banik ofWall Street

:RS,G Investment IBanlk ofWall Street

! 'I rust Ulle'H.'ea lilly Smart 'G UlYs:' fD~ Ami ¥ Dun IliUllv:e,s~me~nt Nee,d's"

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SUII:~e,. il'\dividu:a~~y 'these aJ'le p'l:'Ieftyc;r'(lPP'Y i{laru:,. burt if w,e p oelrhem 1FClge't~'lie:r :o~tlily 510me of ~hem w ill go' bad:--· oe.rtoinly 110.11 ell of tJ1J~m" And since ~o'usin9P'rioes always go. tJlP, 1,i'I!',et'loolly h,a'lN3: \!let)' ~iH~,e to worry aborn.

RS,G Investment Banik of Wall I Street

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R,S,Glnvestment Banik ofWaUS'treet

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The new eno wII~ work like 1111,1:5: It 'Wi~~ he mode '!Jlp' of1th:ree pieces Cnr "tM!JlrlId!:es:") and we"i~

col ~ Uiiem" Tl1JE: ,Good" ,. "The N01l-So-Soo d" and "The Ugly".

RS,G Investment IBanlk ofWall Street

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RS,G Investment IBanlk of Wall I Street

I" d"'+-' 4' "4' it A db ' ",'ll- ,,,,... .....I"

':m .::!.,I(lYlllrtg 1.0 ge" I ." ,', rtlll. ',gOOUlS,e '"rIJe ·'c<O{IUI.··

i.t'li\iles:'liors hov.eUle I,eas:t .risk" 'w,e"~'1 pay tl1em 0 low.er i.n1!.EI"'le5.t raii,e 'ichor! t~Je :o1tlJer gu,ys, right?TI\e

iT" i i 5' r- ....I" -~I '" b +4 .. '" ~ . ...4 '" .....r '",,0' ':_:U..,O·OOI..iI:5 Wh 5W,li G.e,i II·er 1t'li11·eI"'lQ.!I·rl:he {i:1'1i1Jl.

JhJe iJU!g~yl! guys will get a nioe fat inill:EI"'le.si rnlie ..

RS,G Investment Banik of Wall I Street

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IExClicNy, 13m wait. r~ gets b eU,er ,We w i ~ ~ hUIY bond

i.l:1!StJlran:oe f'O,rt~e Il,GoodlT pieee, If '\!'Ifre dOl 1i~:at. ~~e

Rating agenci,e5 will gi'VE i;t aroo~~y great ratin:g. irlUlJe

AAA to A t"'{1n_ge,,1]\ey 'Wil~ ~ilr!e~y gi\l!E :lfhe !INot-Sol-,G-.Qod"pieDe Q BBB lOr Brating. still prefry' gom:L ..______. We won"t even bonier askingUi:Emlo' rat,e U!/e l'lJigllyl.l

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RSG Investment IBank ofWall Street

5.0 YOLII .1'i(l;\!Ie !1ThIJ:oo:geJd to .c~oojt,e AAA. Gnd BBB :s,e.culriiii,e;s. om of G pli~,e ofs'liinky, risky ItnQirfg,age

Q / 100 ... " Boss. YOU' are a genius.

RS,G Investment IBanlk of Wall I Street

.okay •. t'1;OW w.lTlo or-e w,e 90in_:gto sell 1tllie t.l\t['lflepi,eoes:to!

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RS,G Investment Banik of Wall I Street

TIlle (lSsl1:ol'e5 attl1:e SEC WOl'li't i,e1iu15 sell n,is slulfflCJI widuws (JJ:l:G Orp~fltli.5. :5',0 !lIN~:liil sell it t,CJi >GUir 51op'his:ti,ooteJr]' itlis:1iii"uiltioooll di,ents"

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RS,G Investment IBanlk ofWall Street

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Like: imtJiran:ae: aompal'lie.s, banks,. smailllow,['1!S in NOl'\l'l!'ay, s.chooi boords in KOI'l!Sl(]S--iio (lI'1}'(1,ne wh,o is looking for (l higILh~u:a~i'ry sefe i rli\i\e:s1tme: nit,

RSGlnve,stment Bank of Wall Street

:RS,G Investment IBanlk ofWall Street

This is. cl I g't'loot, b urtr sinee w,e ar:e ,o'nly us.ing itl\te smelly mortgages as cd!ait'Era~ (In 01'1 ientil'\e~y n:ew sectJlriiiy, w,e~a\l\et:1iilj; ,r:ea~ly gotlnel'l rid, (If i~,em" D 01'1 't' w,!!: ~ave to s,hiow '1Ihiem ,!J,n (lUlr bolcnce sJteet?

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RS,G Investment Banik of Wall I Street

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NOI, of OGurrse no't .. The gu,.y.s W~(} wri1tie iih)e (l)QDol..lnitil'lJ9 rtllii,e.5 allow us 1"0 :s,e1i tlIp (1 :sll,el~ company inUl:Il Ca¥men Islands 110 iake

ow n:ers.hip of tl'te mo.r:Iigages .. The crap goces 'on i~ieir balence s~@et, nui' UUlr.s. Thlefon:cY!fl{lme for it is "Spe1cioi IPLI1r~o:s,e Vehid.e:" or s,P'\l"

RS,G Investment Banik of Wall I Street

Tlhailt"s 9t"'teat, bill W~ly woulld: t~1:ey ~,eil1S d,01tihat. ar:en"t w,e jt.ll51i :tnoving OUII"! ,QiWn .crap' ar:Ocull1d:?

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SUire" om 'W,e h,a\llEoo~nl\!'it'1lcil!Jd it,hem t,h:at i1l is viitai Iy impo,r1tant to the Il,ea~]h of 'flue U.s" finoaciel sysir,emth:a1r j'rlive:srors nOor know abolmr t~je:s,e co'tlflpl,e,x tr"tat'\JS(1c'ti,OtliS and. w'lhat is behi nd 'them"

"No N ~t 100 Smalll to P ~d;;'"

Sir. {tS Orll irlivesfar and G oO'naern:~d' citizen, I demand '1r~Qt y.oul foraeotllr fi nan:clal

i ffi'titrnio.tli5 to show gt'loot,e:r tooll15p:Gl"erlicy artd op·enn:e5!.5 in their f i ooi1Gia~reF0Mri ng!

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B~C1W me.

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Norwegian Village Pension Fund

Hey IMUIr'll, W ~)(1tiheh,e~ i is tlIP7' We "re not :r.eoei'llin:g O!..lll" lI1lilJll'lilihiy :ptlymel'ltsJ

RSG Investment Bank

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Norwegian VUlage Pen,sion Fund

RSG Investment Bank

Y,ooh, I 1'11:001'111 ito eel I YOI] bUit it"s been I"!OO~ Iy crazy i(l1"!(){II!'1id: hel"!e. n s:eet'l1!Si~:at t~,e (lSsl'l'O'l,eg, who took mJil; 1t:~,e mortgages bGckin,g ')I'Dulr GDO ttt'lel'li'it abk to pay th:em off.

Norwegian VUlage Pen,sion Fund

Wai1i a In;li nmE!. W,e b 0 u:gM 1ihle AAA "iGond" piece lQif1il'iJe C[)O. YiJUI know? The :5lCLfe one. W'e'j't'\e :5"Ulpipose;rJ to be geffing paid fi rst,

RSG, investment Bank

Norwegian VUlage Pen,sion Fund

RSG, Investment Bank

Wel~ tlll'lli'or1tu!nai:ei'Y'jfhie loons !,I'I!!llt'1e qui1i€: a bit crapipi',er thai'll w,e 'origi 0011')' tltotJ!ght' ond tJtel'le is \IIel)' liffl,ec:as~ oOiming in" Frankly. I QS8J!Jir.e YQtJlihai' 'W,e or.e as disapp o.i l'Ii'l!JaI illS ')"OUI ere,

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Norwegian VUlage Pen,sian Fund

Butt YOoUI t'old, me ''that hOl1Sin:g prices always gOo tllP al1a:'t~a't yo Ulr b Olrt'low,e!rs 'C!CI'I:JI!1(~ a~ways:t'ldj'nat'1;oe 'their It:nO,rtgageS!,

RSG, Investment Bank

Norwegian Village Pension Fund

RSG Investment Bank

Y,ooh,thaf W(15 a b;(])d C1SSLlitm.p1ti,Ui1. W:e fueked L1lp. Sorry.

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Norwegian VUlage Pen,sian Fund

Bcd IOSSitHt'lpifi.o'l:lI myf:rigid No,rw,e_gile)J:'I C1SS! W~;at aborn UJe AAArating ft'<om the agetllci!e5!

RSG Investment Bank

Norwegian. Village Pension Fund

RSG, Investment Bank

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Norwegian Vill,age Pension Fund

Bui1i' This: secl1Jlrity was: itl.!S[JIt'led! Wh,a'li abo<tli1rjfhie il'l!S,tJ!t'lers'?

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RSG Investment Bank

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Norwegian VUlage Pen,sian Fund

RSG Investment Bank

A~e 'fOUl kidding? Ther.e:i's 110 way Uley have ,e:nnu:gl'l itJiL.O:!'l'ey sd eside *;o,oove:r this: :ttlie:ss.TI\ey fucked Ulp.

Norwegian. Village Pension Fund

we:!~n{llJ"s Jtr51i gl'loot. (JSsl'i:ol,e" What am I S!Jlplp o,sed ito t,e! ~ my vi~ lagers?'

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RSG Investment Bank

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Norwegian Village Pension Fund

RSG Investment Bank

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Norwegian VUlage Pen,sian Fund

Fud: 'tOIJl,

RSG, Investment Bank,

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Norwegian Village Pension Fund

RSG Investment Bank

Fuek YOll.

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