Mortgage Market Quote du Jour
Here is the mortgage market quote of the day:
The CDO mess has punctured the structured finance market's former central conceit: that the ratings on which it is based are a good measure of underlying risk.
Structured finance product ratings may be a good measure of many things -- like next week's weather, or maybe hemlines, or brokerage earnings -- but a useful measure of risk they are not.
[via Breakingviews]
