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Basically, you’ll aggregate the cost rights (securitized debts) again so that you end up pooling all the rights to payment of the underlying pool of loans. Then deal with the underlying pool. So, buy say at 80%. Now the taxpayer owns all or effectively the entire payment rights stemming from one pool, as an alternative of a bunch of various establishments owning cost rights from one pool stemming from different tranches. Now one player may give permission to violate the contractual provisions involved in the securitization, which, for instance, might […]