David Kestenbaum finds that the most unforgettable person in this county is a dead guy. A guy named Franklin Delano Roosevelt.
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David and Chana's toxic asset, which has acquired the nickname Toxie, gets sick. And the payments that it's supposed to provide them every month stop.
David and Chana meet another toxic asset owner, like themselves. Only difference, David and Chana bought theirs after it was already toxic, for a steep discount, 99% off.
David and Chana buy a toxic asset, from a guy named Wit Solberg, who used to work on Wall Street and now helps small banks who've been saddled with toxic assets. Turns out...it's hard to buy a toxic asset.
David and Chana try to track down the actual homeowners in their toxic asset. The toxic asset is made up of 2000 mortgages all over the country.
David and Chana discover a dark criminal plot inside their toxic asset.
Host Ira Glass explains how the Planet Money team spent a thousand dollars of their own money to buy a toxic asset, and introduces Planet Money reporters David Kestenbaum and Chana Joffe-Walt. Their stories about "Toxie" have appeared on the Planet Money podcast and daily public radio news shows, and are collected here for the first time, into one epic, Dickensian tale.