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When money is collected by the bank it is first paid out to those in the upper tranches, usually as fixed-interest payments on deposits or bonds.
Upper tranches were able to receive "AAA" ratings even if they contained subprime loans, because these tranches were promised the first dollars that came into the security.
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The company guarantees some securities backed indirectly by subprime mortgages but only the tranches at the upper end of the credit spectrum.
We typically pick two tranches after VQSR, a specific tranche and a sensitive tranche, by examining the behavior of VQSLOD scores of multiple tranches.
Then there were tranches.
All other tranches get nothing.
The mistakes came in two big tranches.
Losses will be magnified for investors in the junior tranches.
There should be a limited number of tranches.
The losses from defaults first go to junior tranches.
The other four tranches were rated CCC or lower.
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