Monday, March 17, 2008 - Subprime - American Pie Song

Sung to the tune of Don McLean's "American Pie"

Long, long time ago...
I can still remember
How that yield spread made me smile.
And I knew if I had my chance
Those mo-hos 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 deal.

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, BC money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a crack induced high
Singin', "This'll be the day the loans die, This'll be the day the loans die."

Did you write some BC 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.
Bernarke's on the news.
You can't afford the MBA dues.
 
I was a semi-rich middle-aged broncin' 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, BC money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a crack induced high
Singin', "This'll be the day the loans die."

And the three that I admire most, Fannie, Freddie and Indy's ghost....caught the last train for the coast...the Day the Subprime died.