Conversation from Buenos Aires:
“We are building a vault that has 11% fixed. It’s backed by mortgages”
Me: “oh, what kind of mortgages are they?”
“They are underwritten by an Australian company ______ (never heard of them)”
Me: “oh, what kind of mortgages are they? Prime? Subprime?”
“We are tech people, we don’t know the legal stuff”
Me: “oh this isn’t legal, this is finance”
“Yeah, you would have to talk to the lawyers”