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by a5seo
1065 days ago
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This 2008 article in Wired does a good job of explaining how aggregation, in theory, enables bundled mortgages to create a 1+1=3 situation: https://www.wired.com/2009/02/wp-quant/ Except the model was flawed and carried much higher tail risks. Risks that the ratings agencies failed to catch when they gave them AAA ratings in the debt market. |
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