Central Europe, unsecured.

Leverage.

I have a whole video on mortgage backed securities.

And you end up with a mortgage backed security.

They feed me info.

So just in kind of our everyday personal finance world, your mortgage is actually secured debt.

Was it a correct decision?

So these shares each of these one million shares this is a mortgage backed security.

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

We would create incentives for securitization.

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

I think it's a distraction.

And the bank thinks it got a great deal.

I'm not so sure you want the maintenance and safety department. The fire department might be a better bet.

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.

We'll borrow some money on the house.

We'll use the house as collateral so we can borrow some money.

My next presentation, I'm going to take it to a further

And because it's a junkier rating, no one is going to want to buy it.

We hold the bond on Jessup Dolly, and now he's a runner, it looks like.

And then when we go and get the property because the

Currently maintained by Alexander. Neundorf Alexander. Neundorf. mail

I've just lost my job.

So this is a form of a collateralized debt obligation.

And, you know, Iceland, it was never going to cut it.

Is sent over by the Coast Guard In charge of the food here

And think about it, AlG didn't have to do anything.

Director Galloway, our national security advisor

I know that, Marv, but you have no equity.

The fort is finished forfeit is the pledge

Now, Georgie, like it or not, is acceptable collateral.

The welcome you gave me was surly,

But anyway, this isn't the crux of it either.

You group them all together.

But we have to start with the basics.

Some of them are going to pay ahead of time.

They are one of the first people to get their money.

And I'll be willing to give this as collateral.

Which is why we'll be coordinating with V security.

Or they might even start to buy things that aren't Treasuries.

That's how loans worked before the mortgage backed security industry really got developed.

He wants your wife as leverage.

And that's why they are called derivative instruments.

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

The only situation where I would foreclose is if the market price of the house goes less than my loan.