Well, this is what is kind of interesting about it. These are some of the Frankensteins that they were creating. Here is a tower, as they refer to it--the Soundview Home Loan Trust. If you look at the bottom there, at that little yellow tranche as they refer to it, there was, you know, some pretty bad stuff. These were mortgages that were poorly rated.
The speaker is discussing issues related to mortgage-backed securities and their ratings.
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