>>/164554/
My bad anon, I was confusing MBS with CDS (credit default swap) and it's cousin, another type of SWAP I cannot recall the acronym for. (CDO's credit default obligations I think) These swaps were bundled together in tranches that contained high, medium and low risk mortgages then the credit rating agencies conspired to rate the AAA when they knew they were shit. These were then sold to institutions and 401k's etc. None of that has been addressed since 2008 and the numbers associated with them were in the quadrillions.