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- UID
- 223456
- 帖子
- 371
- 主题
- 11
- 注册时间
- 2011-7-11
- 最后登录
- 2014-8-2
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| aha..it's based on WAC not the passthrough rate! So, the CMO collects $2,975,868 from mortgages, keeps (8.125%-7.5%)/12*$400M = $208k for themselves, and pay the tranches $2.5m in interest. But something is missing... They collected $2,975,868, paid out $2,500,000, they still have $475,686, of which they kept only $208k...if my math is right, there is still money left! |
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发表于 2011-7-11 19:44
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