Interesting NYT article just dropped where Josh Harris made
a crazy big loan to Jared Kushner (a loan three times as large as any real estate loan that Apollo has in its real estate portfolio) after a meeting at the White House where a potential position in the Trump Administration was discussed with Harris.
In the mad scramble for
loan creation during the final phase of the Housing Bubble, the government created an environment of essentially free money by allowing the
big agencies, Fannie Mae and Freddie Mac (or Phony and Fraudie, as I often affectionately refer to them), to securitize
loans to the bottom of the barrel risks with
crazy terms like no money down and incredibly low «teaser» interest rates.