So as anyone who was trying to get a mortgage during this time may know,
the way that it worked is the government will guarantee mortgages,
but only mortgages up to a certain level.
A level that has varied somewhat over time.
And only mortgages where the underlying mortgage borrower meets certain criteria.
So those are the GSE or agency mortgages.
Ones that don't fit that, either because the mortgage is too large or
because the borrower doesn't qualify, are what we see down at the bottom.
The dotted line down at the bottom of residential mortgage backed securities.
CMBS, or commercial mortgage backed securities, have backed in them,
a whole set of commercial loans, these are loans made to businesses.
And again, there is no government program that would enable us to guarantee these in
the form that we have here.
These are going to be banks taking things off of their balance sheet, putting them
into a trust, and then selling securities, and the cash flows come from that trust.