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“For though there was no chance of persuading a pension fund manager looking to make a longer-term loan to buy a Freddie Mac bond that could evaporate tomorrow, one could easily sell him the third tranche of a CMO.”
― Michael Lewis, Liar's Poker

“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).”
― Michael Lewis, Liar's Poker

“The CMO should not and cannot rely on empathy alone to guide them, rather than market research. Likewise, no amount of market research can entirely replace empathy for the customer.”
― Josh Steimle