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The Subprime Mortgage Crisis
In early, in early 07, it became clear subprime mortgages were going to be a problem. But what people didn't realize is the loss given defaults were skyrocketing. On November 15, Thursday, November 15, 2007, was kind of the day like that was the matrix moment. And on that day we basically came up with four independent models that predicted how bad this thing was all going to be.