Abandon all hope of really understanding, ye who read the best-selling books explaining the meltdown.
Why say that? Because they can’t seem to get even the basics right.
I just read the second wildly incorrect explanation of how a simple CMO structured finance deal works, and, like the first one, it was in a popular non-fiction book that purports to tell the reader what happened in the much more complicated mortgage market meltdown, and why.
Posted by hhill51 
