4. You have a pool of 12 commercial mortgages, each with $6m par values. The value of the loans collateralising the pool is $150m. There are two tranches in the pool, and 30% subordination. The pool of loans has the following maturity: 8x loans mature in 1 year 4 x loans mature in 2 years. Calculate how much value the pool can lose before the value of the collateral underlying Tranche A would be less than that tranche's par value. Is it: a. 66.40% b. 33.60% c. 30.00% d. 48.00%