This is actually a mortgage backed collateralized debt obligation.

Or it has to be collateralized by some asset.

I have 4 billion in residential CDOs, collateralized debt obligations.

CDOs, collateralized debt obligations, are derived from mortgage backed securities.

So this is a form of a collateralized debt obligation.

level of confusion and show you what a collateralized debt obligation is.

The 400 million senior tranche we raised from 1000 senior securities, collateralized debt obligations.

And I think I touched on it in the video on collateralized debt obligations.

So that's what we're going to show you in the presentation on collateralized debt obligations.

There are some companies that just specialize in writing collateralized sorry, in writing credit default swaps.

But what you read about the most right now in the newspapers is mortgage backed collateralized debt obligations.

We would look the other way when Bear Stearns is creating collateralized debt obligations, or AlG is writing credit default swaps.

You might just want to watch the video on mortgage backed securities and collateralized debt obligations if you need a refresher there.

And then this is the thing that I really wanted to highlight, that it also had 4 billion of residential collateralized debt obligations.

But you should watch the videos on mortgage backed securities and collateralized debt obligations, if you want to get a better understanding of exactly how the money flows go.

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So the person who constructed this whole collateralized debt obligations and who sold these tranches to the public markets, and this process by the way is called securitization, because you're creating securities out of these assets that you sell to everyone, maybe the Chinese, or whoever, sovereign wealth funds.

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