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So-called Collateralized Debt Obligations (CDO's) were different than the traditional mortgage backed securities in that they: Were not directly backed by mortgages Were structured in

So-called "Collateralized Debt Obligations" (CDO's) were different than the traditional mortgage backed securities in that they:

		Were not directly backed by mortgages
		Were structured in tranches
		Had nothing to do with real estate
		Would only payout if there were no defaults in the underlying assets

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