So How did this “Sub-Prime” Mess Start Anyway?

Here is what I have heard.  In Orange County, CA in about 1990 an investment banker, William Komperda, came up with an idea for raising money by floating bonds backed by mortgages.   The idea was not really new since it had always been done by hard money lenders.  The difference was Mr. Komperda’s efforts got these sub-prime loans securitized [...]