[Rick Lee]

I didn't know subprime still existed. There will always be high priced options for people with bad/no credit and low income and assets. But I don't know that stated income or no income/no asset loans still exist. Long before the subprime crisis those loans existed for people with impeccable credit and large down payments. The problems started when those loans became available to people who were landscapers, service workers, cash-only workers, had no down payment and everyone was betting on endless appreciation to eventually refi out of a subprime loan. Didn't end well.