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Businessweek Archives

The Day the Subprime Died


There’s a cute little diddy makes the rounds on the Internet, “The Day the Subprime Died,” sung to the tune of Don McLean’s 1971 hit “American Pie.” The laments of a mortgage broker who feasted on subprime loans. Here are the lyrics (and FYI, “b/c” refers to borrowers with “B” or “C” credit, which are non-conforming or “subprime” credit classifications; “Cramer” is Jim Cramer of CNBC’s Mad Money, and Fremont is Fremont Mortgage).

The Day the Subprime Died

A long, long time ago…

I can still remember

How that yield spread made me smile.

And I knew if I had my chance

Those borrowers I could finance

And I could pay my bills for a while.

But February made me shiver

With every good faith I’d deliver.

Bad news on my e-mail;

I just lost one more sale.

I can’t remember if I cried

When I saw the Fremont slide

But something touched me deep inside

The day the Subprime died.

So bye-bye, B\C money supply.

Sent my package to four lenders

But they all asked me why.

And good old boys were on a high

Singin’, “This’ll be the day the loans die,

This’ll be the day the loans die.”

Did you write some B\C loans,

Did you blow bucks on the iPhone?,

Did that nut Cramer tell you so?

Do you believe in rate control,

Can FHA save your borrower's soul,

Why is underwriting today so damn slow?

Well, I know you'll have to cut those fees

And you're wondering who has moved your cheese.

Bernanke's on the news.

You can't afford the MBA dues.

I was a semi-rich middle-aged bronkin' buck

With a master plan and a lot of pluck,

But I knew I was out of luck

The day the Subprime died.

So bye-bye, B\C money supply.

Sent my package to four lenders

But they all asked me why.

And good old boys were on a high

Singin', "This'll be the day the loans die."


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