Here is a detailed story of one such security that did not work out as planned.
And a bit more on subprime lending
One of the most egregious cases was Countrywide Financial. Its boss was Angelo Mozilo. A son of a butcher - well, read the rest in his bio on Wikipedia
He made almost 500 million dollars running the company. He was then prosecuted, settled for $67.5 million (of which he paid only $20 million) and was banned for life from serving as an officer of a public company. He admitted no wrongoing.
Now he is, apparently, a "Fallen Titan" and good guy.
I think the original titans would have objected.
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