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Stranger-Owned Life Insurance: Windfall Or Disaster?

Law360 (May 6, 2010, 12:46 PM EDT) -- One of the central premises of Michael Lewis' new book, "The Big Short," is that the explosion in mortgage lending in the early- to mid-2000s was driven not by consumer demand for home ownership, but by Wall Street's insatiable appetite to create and sell mortgage-backed securities. The only way investment banks could meet the demand for such instruments — a demand they largely created by marketing the instruments to their clients as near-riskless investments — for mortgaged-backed securities ("MBS") and their financial cousins, mortgage-backed collateralized debt obligations ("CDOs"), was for more and more Americans to purchase homes....

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