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Ohio is for lovers of smart transit

May 20, 2019

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The age of fraud

May 17, 2019
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How a piece of software helped fuel the 2008 financial crash

How a piece of software helped fuel the 2008 financial crash

Sep 17, 2018

Here at Marketplace, we're doing a yearlong project on the 10-year anniversary of the financial crisis called Divided Decade. At the center of it, of course, were dodgy housing loans that were packaged and resold as seemingly solid…

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Stories From this episode

Divided Decade

How a piece of software helped fuel the 2008 financial crash

by Molly Wood Sep 17, 2018
The seeds of the Great Recession included a lot of greed, fraud ... and some technology.
Michael Osinski developed software that turned mortgages into securities for Wall Street banks. He retired years before the 2008 crash and now farms oysters on Long Island.
Tavner Murphy/Marketplace

More From This Episode

Here at Marketplace, we’re doing a yearlong project on the 10-year anniversary of the financial crisis called Divided Decade. At the center of it, of course, were dodgy housing loans that were packaged and resold as seemingly solid investments. They were known as mortgage-backed securities. Here’s where the tech comes in: Back in the ’90s, a guy named Michael Osinski and his wife, Isabel, wrote software that made it super simple to bundle loans into a security. Osinski retired from Wall Street eight years before the recession to farm oysters on Long Island, where he rode out the financial collapse with few ill effects on his life. Marketplace producer Eliza Mills met Osinski at his oyster beds to hear his story of making a tool that bankers used to bundle bad loans. She shares what she learned with Molly Wood. (09/17/18)

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