On the sad occasion of the death of Doris "Tanta" Dungey, I've been hunting through her classic collection of Compleat Ubernerd posts about the mortgage business for some commemorative excerpts. But the whole point of these long, mostly brilliant essays on the workings of REMICs, TACs, PACs, CDOs, ABSes and the like is that they are almost unexcerptable. Still, I can't resist. This little passage from a post titled Leverage, Ratings and Forced Unwind is about structured mortgage securities:
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Thursday, December 11, 2008
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