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The following question refers to the securitization transaction CMLTI 2006-NC2 which is discussed in the FCIC report and in the FCIC resource library. Losses of

The following question refers to the securitization transaction CMLTI 2006-NC2 which is discussed in the FCIC report and in the FCIC resource library.

Losses of principal from defaults on the underlying mortgage pool are allocated first to the A rated tranches and then when the A tranches are reduced to zero the losses are allocated to the M rated tranches.

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