Speaking to risk managers and insurance professionals during a keynote address at the RIMS 2014 Annual Conference and Exhibition, Jordan Belfort, the real-life "Wolf of Wall Street," spoke briefly about his time in the mortgage industry.
He explained the first time he saw the rate for a subprime loan—just one point higher than the regular rate—he said to himself, "Wait a second, that doesn't really make sense. How can a person with perfect credit, equity in their home and a great job—how can that person only be one point less than this person? This person is a terrible risk."
His conclusion at the time: a smart person somewhere else must have it all figured out.
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