Three pen holders.

It can buy Treasury securities, so instead of short term Treasury securities, maybe it could be longer term Treasury securities.

And the equity holders get wiped out, the old equity holders.

It's the debt holders.

Something about phony securities.

They're fairly liquid securities.

Equity holders, they kind of took a gamble.

Those are essentially derivative securities that are derived from mortgage backed securities.

And if there wasn't enough money to pay all of the debt holders, then the equity holders got nothing.

And we learned that the debt holders were actually more senior to the equity holders.

The backbone of making investment decisions for global holders of capital.

It couldn't pay it's debt holders.

It would penalize the equity holders.

And pays off the liability holders.

I mean, they're just place holders.

But that's the view from the debt holders' point of view.

So the equity holders are actually the owners of the company.

I have to only invest in the safest of safest of securities.

And so money came from when the owners of each of these mortgage backed securities each, let's say, paid 1,000 for the mortgage backed securities.

While many loudly thought of themself being the World Cup holders of tomorrow,

Welcome back to my series of presentations on mortgage backed securities.

So in exchange it gets treasury securities.

And equity securities you're probably familiar with.

We're from the Securities and Exchange Commission.

And essentially, the debt holders become the new shareholders of the company.

Well, it's the debt holders get first dibs.

And also, a lot of the equity holders are the management of the company.

Welcome to my presentation on mortgage backed securities.

So some of the cash will go to the debt holders as interest.

So let's say these are debt holders right here.

There might be different debt holders who have different

And in this case the equity holders get nothing.

And it's also going to benefit the bond holders.

Call the other card holders, get them in here.

All green card holders please proceed to hangar D4

I have a whole video on mortgage backed securities.

And they rate these assets, these mortgage backed securities.

Social securities are not something that should be trifled with.

And we learned that debt securities are often called bonds.

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

So AAA would be like the highest rated securities, right?

The equity holders, you can imagine, they don't want to be

And then anything that's left over goes to the equity holders.

So you can kind of view the debtor as the equity holders and the management of the company.

The government is essentially writing a 2 billion check to the equity holders of this company.