Fri 24 Sep, 2010 11:18 am
Toxie, Planet Money's pet toxic asset, died this week. She was killed by one of the worst housing busts in U.S. history.
Toxic assets — bundles of mortgages that Wall Street sliced up and sold to investors — were at the center of the financial crisis. When the housing market tanked, no one wanted to own them. That's when we bought one.
When we bought Toxie , in January of this year, she seemed like a great deal. We paid $1,000. That was 99 percent less than she cost dring the housing boom.
Every month, when homeowners paid their mortgages, we got a check. We thought we'd make back our investment before she died. But in the end, we collected only $449.
It was never really about the money, though. And now that Toxie's gone, we'd like to take a few moments to remember her, and hear from those she’s touched.
For the rest of the tragic obituary and listen to the lovely song written in remembrence Planet Money's dear pet: