Quote:
Originally posted by sebastian_dangerfield
Were they packaged like that? I thought the pools were made up of individual mortgages at their smallest component level. I didn't think any individual mortgage was sliced up.
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Individual mortgages aren't sliced up. It's the owners of the trust units (or the CMO holders) with various tranches that won't release their security interests and covenant protections in a workout scenario where they know they're losing their asses unless someone pays them a consent fee.
