Standard and Poor

My neighbor Warren doesn’t understand high finance. He’s a physician, and they’re usually pretty savvy market-wise, but he’s an exception. Yesterday over the back fence he was expressing alarm over what he thought was a dangerous development in the banking sector.
“It seems that the next big thing on Wall Street,” said Warren, “is banks and other players bundling rental housing into a new product, that is a rent-backed security, similar to the mortgage-backed securities (MBS) that were at the root of the big crisis in ’09.”