The credit risk transfer bonds that Bayview bundled into its securities are backed by home loans to prime borrowers, meaning the underlying loans are relatively safe.
Please note that these are the same CRT bonds that Timothy Howard dismantled in his post below. The upshot being they don't actually have any risk.. I wonder if that's why Fitch was able to give them such high ratings... duh ya think? Far less than meets the eye indeed.
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