[Red_Leaves_Flyy]

Looking at yesterday, there were mortgages used as collateral.

https://apps.newyorkfed.org/markets/autorates/tomo-results-d...

[quickthrowman]

That’s Agency Debt, which I specifically stated can be used as collateral for a repo loan.

[Red_Leaves_Flyy]

And if that mortgage debt is overvalued rubbish who pays?

I'm trying to avoid pedantic arguments and focus our discussion on the safeties and how effective they can be when the unthinkable happens.