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The father of mortgage-backed securities lives with remorse for his role in the housing crisis
When Lewis Ranieri invented mortgage bonds, he never thought it would turn out this way.
Four decades ago, Mr. Ranieri was at the helm of a revolution in how Americans finance their homes. Until then, mortgages largely stayed on the books of local savings banks. Mr. Ranieri created a secondary market that packaged mortgages into securities sold to investors.