I am happy to announce two new ratings for subprime CDOs and indeed, the entire credit marketplace if the highly paid members of this society so desire.
The Supreme Highly Infallible Tranche, which as we earlier used to called “Super Senior” but whose initials failed to signify its true underlying nature, is now free to use for all CDOs based entirely or largely on subprime mortgages. Ratings agencies may find this a better name than the Absolutely Asinine Acronym that used to be bowed to.
The C’mon Realty Always aPpreciates is specifically for those in denial. I’m sure it’ll make you happy.
