Investors pile into collateralized debt obligations (CDOs), which are complicated securities based on pools of mortgages. CDOs are often (absurdly) rated AA and AAA and considered as safe as Treasuries.
The housing bubble burst. Wall Street collapsed. Now the aftershocks are radiating throughout Main Street. TIME explores how this initially insular financial crisis went national.
Investors pile into collateralized debt obligations (CDOs), which are complicated securities based on pools of mortgages. CDOs are often (absurdly) rated AA and AAA and considered as safe as Treasuries.