The New York Times September 23, 2007
HOUSING MARKET BLUES The subprime mortgage meltdown has brought out the industry’s frustrated film directors and songwriters, as several trenchant music videos posted on YouTube show.
Especially entertaining are “Mortgage Servicing Pie,” set to the music of “American Pie,” by Don McLean, and “Takin’ Care of (Subprime) Business,” set to the song by Bachman-Turner Overdrive.
Late last week, Thomas A. Lawler, founder of Lawler Economic and Housing Consulting, an industry expert, wrote the following lyrics, with apologies to John Lennon:Imagine there’s no subprime, it isn’t hard to do. No Alt-A either, all documentation true.
Imagine all the people, living affordably.
Imagine there’s no Countrywide, it isn’t hard to do. No Angelo Mozilo, no rating agencies, too.
Imagine all the people, living life in peace.
You may say I’m a dreamer, but I’m not like Option One.
New Century is now an old one, and Ameriquest is done.
Imagine no repossessions, I wonder if you can. No rates to reset, repayment penalties banned.
Imagine all the people, sleeping well at night.
You may say I’m a dreamer, or that I’ve just got an Itch. But Moody’s and S.& P. look pretty bad, except compared to Fitch.”