Sie sind auf Seite 1von 6
Step I sup st sie3 stepa sts seeps The creator ofa subprime residential mortgage-backed security or RMBS—buys leans from al ver the country often fom several diferent lenders, Several thousand ans go into one mortgage-backed security. Because the security combines the specific risks ofa theindividual loans into a single pok its investors asa whole are ess exposed tothe potential problems of ‘any one borrower. Fitch Ratings scale me Ht md A mA A eee =A mmm oa mmm Bee mm CCC eee mm CCC comm 5c CC Step2 Theresidential mortgage-backed security ropackages and ‘edistributes the income from the loans among different classes of bonds: Highly rated bonds are the first to receiveincome and the last to suffer any losses but thay als offer thelowestretur. Low-rated bonds pay a better return, but are also among the first ‘to take any losses if borrowers renege on the loans in the pool. Fitch Ratings scale a As mB Not Sa re a 6 Ge 6 =. mam 2 Ls et os oe CG Bee! CCC 8 oe mm Step3 oO O ©. O. O 0 oneness Or eer eer Step] Step2 Step3 ‘Step4 Step ‘Step 6 {inked investments ~ are packaged into a single CDO. In the case ofa mezzanine CDO, those investments are mostly linked to pieces of mortgage-backed securities that carry a rating of triple-B, Just above junk This boosts the yield the CDO can offer, but also ‘makes its investors more vulnerable to losses. Fitch Ratings scale Asm B+ Nt me me mms a = = 06 6mm mms mam: om me beet mm CC ee CC (im 88 CDO buys various CDO Assets BBB bonds