Appeared on December 14, 2007
The fact of the matter is, most everybody in the industry, certainly analysts, never thought too deeply about these instruments," said Joseph Mason, associate professor of finance at Drexel University in Philadelphia. "The analysts didn't think about the instruments – whether they be RMBS, CDOs or SIVs – as anything different than the typical kind of investment like an equity." He was referring to residential mortgage backed securities, collateralized debt obligations and structured investment vehicles.