About 'write off debt definition'|... with a very high level of personal debt. As well as that, inflation, as manifested...like oil, is very high at the time of writing; and central banks in the Eurozone, America...

Ａｍｅｒｉｃａ               ａｎｄ               ｔｈｅ               ｗｏｒｌｄ               ａｔ               ｗｈｏｌｅ               ｈａｓ               ｂｅｅｎ               ｓｕｂｊｅｃｔｅｄ               ｔｏ               ｎｕｍｅｒｏｕｓ               ｆｉｎａｎｃｉａｌ               ｊａｒｇｏｎ               ａｎｄ               ｓｏｐｈｉｓｔｉｃａｔｅｄ               ｗｏｒｄｓ               ｆｏｒ               ｉｎｃｒｅｄｉｂｌｙ               ｃｏｍｐｌｅｘ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｒｕｍｅｎｔｓ,               ｍｏｄｅｌｓ,               ｓｔｒｕｃｔｕｒｅｓ,               ａｎｄ               ｂｌａｈ,               ｂｌａｈ,               ｂｌａｈ,               ｂｌａｈ.

Ｔｈａｎｋｆｕｌｌｙ               ｗｉｔｈ               ｔｈｅ               ｈｅｌｐ               ｏｆ               ｔｈｅ               Ｓｐｅｃｉａｌ               Ｉｎｓｐｅｃｔｏｒ               Ｇｅｎｅｒａｌ               ｏｖｅｒｓｅｅｉｎｇ               ｔｈｅ               ｕｓｅ               ｏｆ               ＴＡＲＰ               (Ｔｒｏｕｂｌｅｄ               Ａｓｓｅｔｓ               Ｒｅｌｉｅｆ               Ｐｒｏｇｒａｍ)               ｆｕｎｄｓ               ａｎｄ               ａ               ｃｏｍｐｌｅｔｅ               ｌａｃｋ               ｏｆ               ｔｒｕｓｔ               ｆｏｒ               ａｎｙ               ｇｏｖｅｒｎｍｅｎｔ               ｗｉｌｌｉｎｇ               ｔｏ               ｇｉｖｅ               ａ               ｆｅｗ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｔｈｅｙ               ｐｅｒｓｏｎａｌｌｙ               ｓｅｌｅｃｔ               ｂｉｌｌｉｏｎｓ               ｏｆ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ,               ｓｏ               ｔｈｅｙ               ｃａｎ               ｃｈａｒｇｅ               ｕｓ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｌｏａｎｓ               ｃｒｅａｔｅｄ               ｂｙ               ｓａｉｄ               ｔａｘ               ｄｏｌｌａｒｓ;               Ｉ               ｈａｖｅ               ｗｏｒｋｅｄ               ｏｎ               ａ               ｃｏｍｐｌｅｔｅ               ｌｉｓｔ               ｔｈａｔ               ｓｈｏｕｌｄ               ｇｅｔ               ｙｏｕ               ｔｈｒｏｕｇｈ               ｒｅａｄｉｎｇ               ｔｈｅ               Ｗａｌｌ               Ｓｔｒｅｅｔ               Ｊｏｕｒｎａｌ               ａｎｄ               ｕｎｄｅｒｓｔａｎｄｉｎｇ               ｔｈｅ               ｎｏｔ               ｓｏ               ｃｏｍｐｌｉｃａｔｅｄ               ｗｏｒｌｄ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｓｃａｍｍｉｎｇ.
               Ｉ               ｈａｖｅ               ｃｏｍｂｉｎｅｄ               ａｌｌ               ｔｈｅ               ｎｏｔ               ｓｏ               ｅａｓｉｌｙ               ｕｎｄｅｒｓｔｏｏｄ               ｔｅｒｍｓ               ｕｓｅｄ               ｂｙ               ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｗｉｚａｒｄｓ               ｓｏ               ｔｈａｔ               ｅｖｅｒｙｄａｙ               Ａｍｅｒｉｃａｎ               ｖｏｔｅｒｓ               ｃａｎ               ｅｄｕｃａｔｅ               ｔｈｅｍｓｅｌｖｅｓ               ａｎｄ               ｄｅｃｉｄｅｄ               ｆｏｒ               ｔｈｅｍｓｅｌｖｅｓ               ｉｆ               ｔｈｅ               ｐｏｌｉｔｉｃｉａｎｓ               ｓｕｐｐｏｒｔｉｎｇ               ｔｈｅｓｅ               ＴＡＲＰ               ｐｒｏｇｒａｍｓ               ｓｈｏｕｌｄ               ａｃｔｕａｌｌｙ               ｂｅ               ｉｎ               ｏｆｆｉｃｅ               ｒｅｐｒｅｓｅｎｔｉｎｇ               ｕｓ.
               Ｔｈｅ               ｄｅｆｉｎｉｔｉｏｎｓ               ａｒｅ               ｆｒｏｍ               ｔｈｅ               ＴＡＲＰ               Ｏｖｅｒｓｉｇｈｔ               Ｃｏｍｍｉｔｔｅｅ               ａｎｄ               ｉｔ               ｉｓ               ａｖａｉｌａｂｌｅ               ｔｏ               ｒｅａｄ               ｏｎｌｉｎｅ,               ｂｕｔ               ｓｏｍｅｔｉｍｅｓ               ｄｅｆｉｎｉｔｉｏｎｓ               ｎｅｅｄ               ｅｘｐｌａｉｎｉｎｇ,               ｓｏ               ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐｓ               ａｒｅ               ｍｙ               ｄｅｆｉｎｉｔｉｏｎｓ               ｏｆ               ｔｈｅ               ｄｅｆｉｎｉｔｉｏｎｓ.
               ＡＢＳ               ｏｒ               Ａｓｓｅｔ-Ｂａｃｋｅｄ               Ｓｅｃｕｒｉｔｉｅｓ:               Ａ               ｔｒａｄａｂｌｅ               ｓｅｃｕｒｉｔｙ               ｂａｃｋｅｄ               ｂｙ               ａ               ｐｏｏｌ               ｏｆ               ｌｏａｎｓ,               ｌｅａｓｅｓ,               ｏｒ               ａｎｙ               ｏｔｈｅｒ               ｃａｓｈ-ｆｌｏｗ-ｐｒｏｄｕｃｉｎｇ               ａｓｓｅｔｓ.
               ＴＨＥ               ＲＥＡＬ               ＳＣＯＯＰ:               Ｗｈｅｎｅｖｅｒ               ａｎｙｔｈｉｎｇ               ｉｓ               ｅｘｐｌａｉｎｅｄ               ｂｙ               ａ               ｔｅｒｍ               ｔｈａｔ               ｎｅｅｄｓ               ｅｘｐｌａｉｎｉｎｇ,               ｙｏｕ               ｃａｎ               ｂｅｔ               ｉｔｓ               ｈｏｒｓｅ*ｂｌｅｅｐ*.

Ｌｅｔ'ｓ               ｆｉｒｓｔ               ｄｉｓｓｅｃｔ               ｗｈａｔ               ａ               ｔｒａｄａｂｌｅ               ｓｅｃｕｒｉｔｙ               ｉｓ,               Ｔｒａｄｅｒｓ               Ｌｏｇ               ｅｘｐｌａｉｎｓ               ｉｔ               ａｓ               ｇｅｎｅｒａｌｌｙ               ａ               ｔｒａｎｓｆｅｒａｂｌｅ               ｉｎｓｔｒｕｍｅｎｔ               ｒｅｐｒｅｓｅｎｔｉｎｇ               ａｎ               ｏｗｎｅｒｓｈｉｐ               ｉｎｔｅｒｅｓｔ               ｉｎ               ａ               ｃｏｒｐｏｒａｔｉｏｎ               (ｅｑｕｉｔｙ               ｓｅｃｕｒｉｔｙ               ｏｒ               ｓｔｏｃｋ)               ｏｒ               ｔｈｅ               ｄｅｂｔ               ｏｆ               ａ               ｃｏｒｐｏｒａｔｉｏｎ,               ｇｏｖｅｒｎｍｅｎｔ               ｏｒ               ｏｒｇａｎｉｚａｔｉｏｎ.

Ｓｏ               ｉｎ               ｒｅａｌｉｔｙ               ｉｔ'ｓ               ｂａｓｉｃａｌｌｙ               ｓｏｍｅ               ｍａｄｅ               ｕｐ               "ｐｒｏｄｕｃｔ"               ｔｈａｔ               ｉｓｎ'ｔ               ｒｅａｌｌｙ               ａ               ｐｒｏｄｕｃｔ               ａｔ               ａｌｌ,               ｉｔ'ｓ               ｊｕｓｔ               ａ               ｐｉｅｃｅ               ｏｆ               ｐａｐｅｒ               ｗｉｔｈ               ａ               ｔｉｔｌｅ               ａｎｄ               ｔｈｅ               ｓｕｐｐｏｓｅｄ               ｍｏｎｅｙ               ｂｅｈｉｎｄ               ｔｈｉｓ               ｐｉｅｃｅ               ｏｆ               ｐａｐｅｒ               ｉｓ               ａ               ｐｏｏｌ               ｏｆ               ｏｔｈｅｒ               ｐｉｅｃｅｓ               ｏｆ               ｐａｐｅｒ.

Ｕｎｆｏｒｔｕｎａｔｅｌｙ               ｔｈｅ               ｃｏｎｓｕｍｅｒｓ               ｗｈｏ               ｔｈｅｙ               ｈｏｐｅｄ               ｔｈｅｙ               ｄｉｄｎ'ｔ               ｆｉｎａｎｃｉａｌ               ｂｌｅｅｄ               ａｌｌ               ｔｈｅ               ｗａｙ,               ｓｔｏｐｐｅｄ               ｍａｋｉｎｇ               ｐａｙｍｅｎｔｓ               ｏｎ               ｔｈｅｉｒ               ｍｏｒｔｇａｇｅｓ,               ｈｏｍｅ               ｌｏａｎｓ,               ｃｒｅｄｉｔ               ｌｏａｎｓ,               ｅｔｃ...ｄｕｅ               ｔｏ               ｉｎｓｕｆｆｉｃｉｅｎｔ               ｗａｇｅｓ               ａｎｄ               ａ               ｐｏｏｒ               ｊｏｂ               ｅｎｖｉｒｏｎｍｅｎｔ.

Ｓｏ               ｎｏｗ               ｔｈｅ               ｐｉｅｃｅｓ               ｏｆ               ｐａｐｅｒ               ｂａｃｋｉｎｇ               ｔｈｅ               ｏｔｈｅｒ               ｐｉｅｃｅｓ               ｏｆ               ｐａｐｅｒ               ａｒｅｎ'ｔ               ｗｏｒｔｈ               ｔｈｅ               ｐｉｅｃｅｓ               ｏｆ               ｐａｐｅｒ               ｔｈｅｙ               ａｒｅ               ｐｒｉｎｔｅｄ               ｏｎ               -               ａｎｄ               ｔｈａｔ'ｓ               ｗｈｅｎ               ａｎ               ＡＢＳ               ｂｅｃｏｍｅｓ               ｔｏｘｉｃ.
               Ｔｒｏｕｂｌｅｄ               Ａｓｓｅｔｓ:               Ｉｎｃｌｕｄｅｓ               ｍｏｒｔｇａｇｅｓ,               ｍｏｒｔｇａｇｅ-ｒｅｌａｔｅｄ               ｉｎｓｔｒｕｍｅｎｔｓ,               ａｎｄ               ａｎｙ               ｏｔｈｅｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｒｕｍｅｎｔｓ               ｗｈｏｓｅ               ｐｕｒｃｈａｓｅ               ｏｒ               ａｓｓｉｓｔａｎｃｅ               ｉｎ               ｔｈｅ               ｆｏｒｍ               ｏｆ               ｇｏｖｅｒｎｍｅｎｔ               ｍｏｎｅｙ               ｉｓ               ｄｅｔｅｒｍｉｎｅｄ               ｂｙ               Ｔｒｅａｓｕｒｙ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ｓｔａｂｉｌｉｚｅ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ,               ａｌｓｏ               ｋｎｏｗｎ               ａｓ               Ｔｏｘｉｃ               Ａｓｓｅｔｓ.
               ＴＨＥ               ＲＥＡＬ               ＳＣＯＯＰ:               Ｕｓｕａｌｌｙ               ｐｏｏｌｓ               ｏｆ               ＡＢＳ               ｏｒ               ｓｉｄｅ               ｂｅｔｓ               ｏｆｆ               ｏｆ               ａ               ｇｒｏｕｐ               ｏｆ               ｏｔｈｅｒ               ｂｅｔｓ               ｔｈａｔ               ａｒｅ               ｎｏｗ               ｔｏｘｉｃ               ｎｏｔ               ｂｅｃａｕｓｅ               ｔｈｅｙ               ａｒｅ               ｎｏｔ               ｗｏｒｔｈ               ａｎｙｔｈｉｎｇ,               ｂｕｔ               ｔｈｅｙ               ａｒｅ               ｊｕｓｔ               ｎｏｔ               ｗｏｒｔｈ               ｗｈａｔ               ｔｈｅ               ｂａｎｋｓ               ａｎｄ               ｉｎｖｅｓｔｏｒｓ               ｗｏｕｌｄ               ｌｉｋｅ               ｔｈｅｍ               ｔｏ               ｂｅ               ｗｏｒｔｈ               ｒｉｇｈｔ               ｎｏｗ.

Ｔｒｅａｓｕｒｙ               ａｎｄ               ｔｈｅｉｒ               ｃｒｏｎｉｅｓ               ｏｎ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ａｎｄ               ａｔ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｃａｎ               ｈａｎｄ               ｐｉｃｋ               ａｎｄ               ｂｕｙ               ｕｐ               ａｎｙ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔｈｅｙ               ｓｅｅ               ａｓ               ｆａｉｌｉｎｇ               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅｓｅ               ｕｎｄｅｒ-ｐｅｒｆｏｒｍｉｎｇ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ,               ａｎｄ               ｎｏｔ               ｌｅｔ               ｔｈａｔ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔａｋｅ               ｔｈｅ               ｆｒｅｅ               ｍａｒｋｅｔ               ｃｏｕｒｓｅ               ｏｆ               ｂａｎｋｒｕｐｔｃｙ               ａｎｄ               ｄｉｓｓｏｌｖｅ               ｌｉｋｅ               ａｌｌ               ｆａｉｌｅｄ               ｂｕｓｉｎｅｓｓｅｓ               ｄｏ               ｉｎ               ａ               ｒｅａｌ               ｆｒｅｅ               ｍａｒｋｅｔ.
               Ｓｅｃｕｒｉｔｉｚａｔｉｏｎ:               Ａ               ｐｒｏｃｅｓｓ               ｗｈｅｒｅｂｙ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ａｓｓｅｍｂｌｅｓ               ｐｏｏｌｓ               ｏｆ               ｃａｓｈ-ｆｌｏｗ-ｐｒｏｄｕｃｉｎｇ               ａｓｓｅｔｓ               (ｓｕｃｈ               ａｓ               ｌｏａｎｓ)               ａｎｄ               ｔｈｅｎ               ｓｅｌｌｓ               ａｎ               ｉｎｔｅｒｅｓｔ               ｉｎ               ｔｈｅ               ｃａｓｈ               ｆｌｏｗｓ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ               ｔｏ               ｉｎｖｅｓｔｏｒｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｎｏｔｈｅｒ               ｐａｒｔ               ｏｆ               ｔｈｅ               ｃｒａｐ               ｅｑｕａｔｉｏｎ               ｕｓｅｄ               ｂｙ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｔｏ               ｉｍｐｌｏｄｅ               ｏｕｒ               ｅｃｏｎｏｍｙ.

Ｂａｓｉｃａｌｌｙ               ａ               ｍｏｒｔｇａｇｅ/ｂａｎｋ               ｃｏｍｐａｎｙ               ｓｅｌｌｓ               100               ｌｏａｎｓ               ｔｏ               ｙｏｕ               ａｎｄ               ｍｅ,               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｃｉｔｉｚｅｎ.

Ａｎｏｔｈｅｒ               ｕｎｒｅｌａｔｅｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｓａｙｓ               ｔｏ               ｔｈｅ               ｍｏｒｔｇａｇｅ/ｂａｎｋ               ｃｏｍｐａｎｙ               ｗｅ'ｌｌ               ｂｕｙ               ｔｈｏｓｅ               100               ｌｏａｎｓ               ｆｏｒ               ｔｈｅ               ｐｒｉｃｅ               ｏｆ               ｔｈｅ               ｌｏａｎ               ｐｌｕｓ               4%               ｉｎｔｅｒｅｓｔ,               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｙ               ｓａｙｓ               ｏｋａｙ               ａｎｄ               ｔｈｅｙ'ｖｅ               ｍａｄｅ               ａ               ｐｒｅｔｔｙ               ｈｅｆｔ               ｐｒｏｆｉｔ               ａｎｄ               ｄｏｎ'ｔ               ｈａｖｅ               ｔｈｅ               ｒｉｓｋ               ｏｆ               ｔｈｏｓｅ               ｌｏａｎｓ               ｏｎ               ｔｈｅｉｒ               ｂａｌａｎｃｅ               ｓｈｅｅｔｓ               ａｎｄ               ｃａｎ               ｏｆｆｅｒ               ａｎｏｔｈｅｒ               100               ｌｏａｎｓ               ａｎｄ               ｏｎ               ａｎｄ               ｏｎ.

Ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｉｓ               ｈａｐｐｙ               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｃｏｕｌｄ               ｎｅｖｅｒ               ｓｅｌｌ               ｔｈｏｓｅ               ｌｏａｎｓ               ｔｈｅｍｓｅｌｖｅｓ               ｓｉｎｃｅ               ｔｈｅｙ               ｄｏｎ'ｔ               ｒｅａｌｌｙ               ｈａｖｅ               ｔｈｅ               ａｓｓｅｔｓ               ｔｏ               ｂａｃｋ               ｔｈｅｍ               ｕｐ               ｉｆ               ｔｈｅｙ               ｆａｉｌ,               ｐｌｕｓ               ｎｏｗ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｒｅｃｅｉｖｅｓ               ｍｏｎｔｈｌｙ               ｐａｙｍｅｎｔｓ               ｆｒｏｍ               ｔｈｅ               ｂｏｒｒｏｗｅｒｓ               ｗｈｉｃｈ               ｉｓ               ａｂｏｖｅ               ｔｈｅ               4%               ｉｎｔｅｒｅｓｔ               ｔｈｅｙ               ｐａｉｄ               ｏｎ               ｔｈｅ               ｌｏａｎｓ               ｔｏ               ｔｈｅ               ｂａｎｋ               ａｎｄ               ｐａｃｋａｇｅｓ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｍａｄｅ               ｏｎ               ｔｈｏｓｅ               ｐａｙｍｅｎｔｓ               ａｓ               Ｓｅｃｕｒｉｔｉｅｓ               ｔｏ               ｉｎｖｅｓｔｏｒｓ.

Ｓｏ               ｗｈｅｎ               ｔｈｅ               100               ｌｏａｎｓ               ｍａｄｅ               ｔｏ               ｐｅｏｐｌｅ               ｗｈｏ               ｐｒｏｂａｂｌｙ               ｃａｎ'ｔ               ａｆｆｏｒｄ               ｔｈｅｍ               ｅｓｐｅｃｉａｌｌｙ               ｓｉｎｃｅ               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｉｓ               ｗｅｌｌ               ａｂｏｖｅ               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｈｏｍｅ               ｔｈｅ               Ｓｅｃｕｒｉｔｉｅｓ               ｂｅｇｉｎ               ｔｏ               ｗｅａｋｅｎ               ａｎｄ               ｔｈｅ               ｉｎｖｅｓｔｏｒ               ｅｖｅｎｔｕａｌｌｙ               ｌｏｓｅｓ               ｗｈｅｎ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｉｎｖｅｓｔｍｅｎｔ               ｓｔｒｅａｍ               ｓｌｏｗｓ               ｄｏｗｎ               ｏｒ               ｓｔｏｐｓ               ｄｕｅ               ｔｏ               ｂｏｒｒｏｗｅｒｓ               ｄｅｆａｕｌｔｉｎｇ               ｏｎ               ｔｈｅｉｒ               ｆｒａｕｄｕｌｅｎｔ               ｌｏａｎｓ.

Ｆｉｎａｎｃｉａｌ               Ｉｎｓｔｉｔｕｔｉｏｎ               ａｒｅｎ'ｔ               ａｓ               ｈａｐｐｙ               ａｓ               ｔｈｅｙ               ｃｏｕｌｄ               ｂｅ,               ｂｕｔ               ｔｈｅｙ               ｓｔｉｌｌ               ｈａｖｅ               ｔｈｅ               ｏｒｉｇｉｎａｌ               ｌｏａｎ               ｓｏｍｅｔｉｍｅｓ               ｒｅｆｅｒｒｅｄ               ｔｏ               ａｓ               ａ               ｔｏｘｉｃ               ａｓｓｅｔ,               ａｎｄ               ｔｈｅｙ               ｈａｖｅ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｔｏ               ｂａｉｌ               ｔｈｅｍ               ｏｕｔ               ｓｏ               ｔｈｅｙ               ｄｏｎ'ｔ               ｇｏ               ｂａｎｋｒｕｐｔ               -               ｔｈｅ               ｉｎｖｅｓｔｏｒ               ａｎｄ               ｔｈｅ               ｌｉｅｄ               ｔｏｏ               ｂｏｒｒｏｗｅｒ               ｓｕｆｆｅｒ,               ａｎｄ               ｙｏｕ               ａｎｄ               Ｉ               ｈａｖｅ               ｎｏ               ｃｈｏｉｃｅ               ｂｕｔ               ｔｏ               ｇｏ               ｂａｎｋｒｕｐｔ.

Ｓｉｎｃｅ               ｔｈｅ               ｂａｎｋｓ               ｗｅｒｅ               ｃｒｅａｔｉｎｇ               ｍｏｒｔｇａｇｅ               ｌｏａｎｓ               ｌｉｋｅ               ｂｕｒｇｅｒｓ               ａｔ               ＭｃＤｏｎａｌｄｓ,               ｏｎｃｅ               ｔｈｅ               Ｓｅｃｕｒｉｔｉｅｓ               ｓｔｒｅａｍ               ｇｏｔ               ｂａｃｋｅｄ               ｕｐ               ｔｈｅ               ｂａｎｋｓ               ｗｅｒｅ               ｓｔｉｌｌ               ｉｎ               ｆｕｌｌ               ｐｒｏｄｕｃｔｉｏｎ               ｏｎ               ｌｅｅｃｈｉｎｇ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｕｂｌｉｃ               ａｎｄ               ｇｏｔ               ｃａｕｇｈｔ               ｗｉｔｈ               ａ               ｈａｎｄｆｕｌ               ｏｆ               ｂａｄ               ｌｏａｎｓ               ａｎｄ               ｍｏｒｔｇａｇｅｓ               ｔｈｅｙ               ｃｏｕｌｄ               ｎｏ               ｌｏｎｇｅｒ               ｏｆｆ               ｌｏａｄ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｐａｃｋａｇｉｎｇ               ｔｈｅｍ               ａｓ               Ｓｅｃｕｒｉｔｉｅｓ,               ａｎｄ               ｎｏｗ               ｔｈｅ               ｗｈｏｌｅ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ               ｉｓ               ｌｉｋｅ               ｏｎｅ               ｃｌｏｇｇｅｄ               ｕｐ               ｖｅｒｙ               ｔｏｘｉｃ               ｃｏｌｏｎ               ｆｕｌｌ               ｏｆ               *ｂｌｅｅｐ*!.
               Ｓｕｂｐｒｉｍｅ               Ｂｏｒｒｏｗｅｒｓ:               Ｒｅｆｅｒｓ               ｔｏ               ｂｏｒｒｏｗｅｒｓ               ｗｈｏ               ｄｏ               ｎｏｔ               ｑｕａｌｉｆｙ               ｆｏｒ               ｐｒｉｍｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｅｘｈｉｂｉｔ               ｏｎｅ               ｏｒ               ｍｏｒｅ               ｏｆ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ｃｈａｒａｃｔｅｒｉｓｔｉｃｓ:               ｗｅａｋｅｎｅｄ               ｃｒｅｄｉｔ               ｈｉｓｔｏｒｉｅｓ               ｔｙｐｉｃａｌｌｙ               ｃｈａｒａｃｔｅｒｉｚｅｄ               ｂｙ               ｐａｙｍｅｎｔ               ｄｅｌｉｎｑｕｅｎｃｉｅｓ,               ｐｒｅｖｉｏｕｓ               ｃｈａｒｇｅ-ｏｆｆｓ,               ｊｕｄｇｍｅｎｔｓ,               ｏｒ               ｂａｎｋｒｕｐｔｃｉｅｓ;               ｌｏｗ               ｃｒｅｄｉｔ               ｓｃｏｒｅｓ;               ｈｉｇｈ               ｄｅｂｔ-ｂｕｒｄｅｎ               ｒａｔｉｏｓ;               ｏｒ               ｈｉｇｈ               ｌｏａｎ-ｔｏ-ｖａｌｕｅ               ｒａｔｉｏｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｉ               ｌｏｖｅ               ｈｏｗ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ,               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｎｄ               ａｎｙｏｎｅ               ａｓｓｏｃｉａｔｅｄ               ｗｉｔｈ               ｉｓｓｕｉｎｇ               ｂａｄ               ｌｏａｎｓ               ｉｓ               ｔｒｙｉｎｇ               ｔｏ               ｔｕｒｎ               ｔｈｅ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｙ               ｏｎ               ｕｓ               ｔｈｅ               ｃｉｔｉｚｅｎｓ               ｔｈｅｙ               ｓｕｐｐｏｓｅｄｌｙ               ｓｅｒｖｅ;               ｗｈｏ               ａｒｅ               ｊｕｓｔ               ｓｅｅｋｉｎｇ               ｓｈｅｌｔｅｒ               ａ               ｂａｓｉｃ               ｎｅｃｅｓｓｉｔｙ.

Ｔｈｅｙ               ｌｏｖｅ               ｓａｙｉｎｇ               ｔｈｅ               ｂｏｒｒｏｗｅｒ               ｗａｓｎ'ｔ               ｑｕａｌｉｆｉｅｄ,               ｗｈｉｃｈ               ｉｓ               ｃｒａｐ,               ｂｅｉｎｇ               ａ               ｓｕｂｐｒｉｍｅ               ｂｏｒｒｏｗｅｒ               ｉｓ               ｏｖｅｒ               70%               ｏｆ               ｔｈｅ               ｃｏｕｎｔｒｙ               ｄｕｅ               ｎｏｔ               ｔｏ               ｄｅｌｉｎｑｕｅｎｃｉｅｓ               ａｎｄ               ｎｏｔ               ｐａｙｉｎｇ               ｏｎ               ｔｉｍｅ,               ｍｏｓｔ               ｏｆ               ｕｓ               ｄｏ               ｔｈａｔ.

Ｗｅ               ｌｉｖｅ               ｉｎ               ａ               ｄｅｂｔ               ｅｃｏｎｏｍｙ,               ｗｈｅｒｅ               ｙｏｕｒ               ｄｅｂｔ               ｔｏ               ｉｎｃｏｍｅ               ｒａｔｉｏｎ               ｉｓ               ａｒｔｉｆｉｃｉａｌｌｙ               ｋｅｐｔ               ｈｉｇｈ               ｓｏ               ｙｏｕ               ｃａｎ               ｎｅｖｅｒ               ｑｕａｌｉｆｙ               ｆｏｒ               ｌｏｗｅｒ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ;               ｉｔ'ｓ               ｎｏｔ               ｉｎ               ｔｈｅ               ｂｅｓｔ               ｉｎｔｅｒｅｓｔ               ｏｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｔｏ               ｄｏ               ｔｈａｔ.

Ｔｈｅｙ               ｋｅｅｐ               ｙｏｕ               ａｔ               ｔｈｅ               ｌｉｍｉｔ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ｍａｉｎｔａｉｎ               ａ               ｈｉｇｈ               ｍｏｎｔｈｌｙ               ｐａｙｍｅｎｔ               ｆｒｏｍ               ｙｏｕ               ｏｖｅｒ               ｖｅｒｙ               ｌｏｎｇ               ｐａｙｏｕｔ               ｔｅｒｍｓ.

Ｏｕｒ               ｃｒｅｄｉｔ               ｓｃｏｒｅｓ               ａｒｅ               ａｒｔｉｆｉｃｉａｌｌｙ               ｋｅｐｔ               ｌｏｗ               ｂｅｃａｕｓｅ               ｗｅ               ａｓ               ａ               ｎａｔｉｏｎ               ｄｏ               ｎｏｔ               ｍａｋｅ               ｅｎｏｕｇｈ,               ｗｅ               ａｖｅｒａｇｅ               $37,000               ａ               ｙｅａｒ               ｙｏｕ'ｌｌ               ｎｅｖｅｒ               ｈａｖｅ               ａ               ｓｃｏｒｅ               ａｂｏｖｅ               750               ｍａｋｉｎｇ               ｏｎｌｙ               $37,000               ａ               ｙｅａｒ               -               ｙｏｕｒ               ｄｅｂｔ               ｔｏ               ｉｎｃｏｍｅ               ｒａｔｉｏ               ｗｉｌｌ               ｎｏｔ               ａｌｌｏｗ               ｉｔ,               ａｎｄ               ｔｈｒｏｗ               ｉｎ               ｔｈｅ               ｆａｃｔ               ｔｈａｔ               ｙｏｕｒ               ｍｏｒｔｇａｇｅ               ｉｓ               ｗｏｒｔｈ               ｍｏｒｅ               ｔｈａｎ               ｔｈｅ               ｐｒｏｐｅｒｔｙ               (ａｓｓｅｔ),               ｙｏｕｒ               ｌｏａｎ-ｔｏ               ａｓｓｅｔ               ｖａｌｕｅ               ｒａｔｉｏ               ｗｉｌｌ               ｎｅｖｅｒ               ａｌｌｏｗ               ｙｏｕ               ｔｏ               ｑｕａｌｉｆｙ               ｆｏｒ               ｐｒｉｍｅ               ｒａｔｅｓ.
               Ｍｏｒｔｇａｇｅ               Ｈｏｌｄｅｒｓ:               Ｌｅｎｄｅｒ               ｏｒ               ｉｎｖｅｓｔｏｒ               (ｄｅｐｅｎｄｉｎｇ               ｏｎ               ｗｈｅｔｈｅｒ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｉｓ               ｓｅｃｕｒｉｔｉｚｅｄ)               ｗｈｏ               ｏｗｎｓ               ｔｈｅ               ｒｉｇｈｔ               ｔｏ               ｔｈｅ               ｂｏｒｒｏｗｅｒ'ｓ               ｍｏｎｔｈｌｙ               ｐａｙｍｅｎｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｉｆ               ｙｏｕ               ｅｖｅｒ               ｆｉｎｄ               ｙｏｕｒｓｅｌｆ               ｉｎ               ｍｏｒｔｇａｇｅ               ｔｒｏｕｂｌｅ               ａｎｄ               ｅｎｄ               ｕｐ               ａｔ               ｙｏｕｒ               ｗｉｔ'ｓ               ｅｎｄ               ａｎｄ               ｉｎ               ｃｏｕｒｔ,               ａｓｋ               ｔｈｅｍ               ｔｏ               "Ｐｒｏｄｕｃｅ               ｔｈｅ               Ｎｏｔｅ".

Ｒｅｆｅｒｒｉｎｇ               ｔｏ               ｙｏｕｒ               ｍｏｒｔｇａｇｅ               ｌｏａｎ,               ｔｈｅｙ               ｍｏｓｔ               ｌｉｋｅｌｙ               ｗｏｎ'ｔ               ｂｅ               ａｂｌｅ               ｔｏ               ｄｏ               ｉｔ,               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｈａｖｅ               ｐｏｏｌｅｄ               ｙｏｕｒ               ｌｏａｎ               ｗｉｔｈ               ｍａｎｙ               ｏｔｈｅｒ               ｌｏａｎｓ               ｎｕｍｅｒｏｕｓ               ｔｉｍｅｓ               ａｎｄ               ｃｕｔ               ｔｈｏｓｅ               ｐｏｏｌｓ               ｉｎｔｏ               ｓｏ               ｍａｎｙ               ｐｉｅｃｅｓ               ｔｈａｔ               ｉｔ               ｉｓ               ｉｍｐｏｓｓｉｂｌｅ               ｔｏ               ｆｉｎｄ               ｏｎｅ               ｈｏｌｄｅｒ               ｏｒ               ａｎｙ               ｏｆ               ｔｈｅ               ｈｏｌｄｅｒｓ               ａｔ               ｔｈｉｓ               ｐｏｉｎｔ.
               Ｄｅｒｉｖａｔｉｖｅ               Ｉｎｓｔｒｕｍｅｎｔｓ:               Ｉｎｖｅｓｔｍｅｎｔｓ               ｔｈａｔ               ａｒｅ               ｖａｌｕｅｄ               ｂｙ               ｒｅｆｅｒｅｎｃｅ               ｔｏ               ｔｈｅ               ｖａｌｕｅｓ               ｏｆ               ｏｔｈｅｒ               ｉｎｖｅｓｔｍｅｎｔｓ.

Ｅｘａｍｐｌｅｓ               ｉｎｃｌｕｄｅ               ｏｐｔｉｏｎｓ               ａｎｄ               ｃｒｅｄｉｔ               ｄｅｆａｕｌｔ               ｓｗａｐｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｎｏｔｈｅｒ               ｍａｊｏｒ               ｃｏｎｔｒｉｂｕｔｏｒ               ｔｏ               ｔｈｅ               ｓｃａｍ               ｂｅｉｎｇ               ｐｕｌｌｅｄ               ｏｎ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｕｂｌｉｃ.

Ｔｈｅｓｅ               ａｒｅ               ｉｎｖｅｓｔｍｅｎｔｓ               ｂａｓｅｄ               ｏｎ               ｏｔｈｅｒ               ｉｎｖｅｓｔｍｅｎｔｓ               ｗｈｉｃｈ               ｍｅａｎｓ               ｏｎｃｅ               ａｇａｉｎ,               ｂａｎｋｓ               ａｒｅ               ｃｒｅａｔｉｎｇ               ｗｅａｌｔｈ               ｆｒｏｍ               ｎｏｔｈｉｎｇ,               ｗｈｉｃｈ               ｉｓ               ｒｉｄｉｃｕｌｏｕｓ.

Ｙｏｕ               ｈａｄ               ｎｕｍｅｒｏｕｓ               ｃｏｒｐｏｒａｔｉｏｎ,               ｂａｎｋｓ,               ａｎｄ               ｉｎｄｉｖｉｄｕａｌｓ               ｂｏｔｈ               ｄｏｍｅｓｔｉｃ               ａｎｄ               ｆｏｒｅｉｇｎ               ｍａｋｉｎｇ               ｓｉｄｅ               ｂｅｔｓ               ｔｈａｔ               ｙｏｕ               ａｎｄ               Ｉ,               ｔｈｅ               Ａｍｅｒｉｃａｎ               Ｃｉｔｉｚｅｎ,               ｗｏｕｌｄ               ｆａｉｌ               ｔｏ               ｐａｙ               ｏｕｒ               ｍｏｒｔｇａｇｅｓ.

Ｗｈｉｌｅ               ｍａｋｉｎｇ               ｔｈｅｓｅ               ｂｅｔｓ               ｔｈｅｙ               ｗｅｒｅ               ａｒｔｉｆｉｃｉａｌｌｙ               ｉｎｆｌａｔｉｎｇ               ｔｈｅ               ｈｏｕｓｉｎｇ               ｍａｒｋｅｔ               ａｎｄ               ｌｏｂｂｙｉｎｇ               Ｃｏｎｇｒｅｓｓ               ｔｏ               ｒｅｄｕｃｅ               ｒｅｇｕｌａｔｉｏｎ               ｒｕｌｅｓ               ｏｎ               ｗｈｏ               ｃｏｕｌｄ               ｑｕａｌｉｆｙ               ｆｏｒ               ａ               ｒｅａｌｌｙ               ｂｉｇ               ｈｏｍｅ               ｌｏａｎ               -               ｗｈｉｃｈ               ｌｅｄ               ｔｏ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ               ｃｒｅａｔｉｎｇ               ｆｕｎｎｙ               ｔｈｉｎｇｓ               ｌｉｋｅ               Ｉｎｔｅｒｅｓｔ               Ａｒｍｓ               ａｎｄ               ｏｔｈｅｒ               ｓｃｈｅｍｅｓ               ｂｅｉｎｇ               ｐａｓｓｅｄ               ｏｕｔ               ｌｉｋｅ               ｃａｎｄｙ               ｔｏ               ａｎｙｏｎｅ               ｗｉｔｈ               ａｎｙ               ｋｉｎｄ               ｏｆ               ｊｏｂ.

Ｓｏ               ａ               ｌｏｔ               ｏｆ               ｐｅｏｐｌｅ,               ｌｏｏｋｉｎｇ               ｆｏｒ               ｓｈｅｌｔｅｒ               ａｎｄ               ａ               ｈｏｍｅ               ｔｏ               ｂｕｉｌｄ               ａ               ｌｉｆｅ               ｏｕｔ               ｏｆ               (ｗｈｉｃｈ               ｉｓ               ｊｕｓｔ               ｈｕｍａｎ               ｎａｔｕｒｅ)               ｂｏｕｇｈｔ               ｉｎｔｏ               ｔｏ               ｓｃａｍ               ａｎｄ               ｔｒｉｅｄ               ｔｏ               ｍａｋｅ               ｉｔ               ｗｏｒｋ.

Ｉｎ               ｔｈｅ               ｍｅａｎ               ｔｉｍｅ,               ｔｈｅｓｅ               ｓａｍｅ               ｆｏｌｋｓ               ｗｈｏ               ｂｅｔ               ｏｎ               ｕｓ               ｆａｉｌｉｎｇ               ｗａｔｃｈｅｄ               ａｌｌ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ａｒｍｓ               ｋｉｃｋ               ｉｎ               ａｎｄ               ｗａｉｔｅｄ               ｐａｔｉｅｎｔｌｙ               ｆｏｒ               ｗｈａｔ               ｔｈｅｙ               ｂｅｔ               ｏｎ               ｔｏｏ               ｈａｐｐｅｎ               ｗｏｕｌｄ               ｈａｐｐｅｎ.

Ｕｎｆｏｒｔｕｎａｔｅｌｙ               ｆｏｒ               ａｌｌ               ｏｆ               ｕｓ,               ｗｈｅｎ               ａｌｌ               ｔｈｅｓｅ               ｉｍａｇｉｎａｒｙ               ｉｎｖｅｓｔｍｅｎｔｓ               ｂａｓｅｄ               ｏｎ               ｈｏｍｅ               ｍｏｒｔｇａｇｅｓ               ｃｒｕｍｂｌｅｄ               ｗｉｔｈ               ｔｈｅ               ｈｏｕｓｉｎｇ               ｂｕｓｔ,               ｔｈｅ               ｂａｎｋｓ               ｈａｄ               ａｌｌ               ｔｈｅｓｅ               ｉｍａｇｉｎａｒｙ               ｉｎｖｅｓｔｍｅｎｔｓ               ｔｈａｔ               ｗｅｒｅ               ｗｏｒｔｈ               ｎｏｔｈｉｎｇ               ａｎｄ               ｔｈｅｉｒ               ｒｅａｌ               ｐｏｒｔｆｏｌｉｏ               ｏｆ               ｍｏｒｔｇａｇｅｓ               ａｎｄ               ｏｔｈｅｒ               ｌｏａｎｓ               ｗｅｒｅｎ'ｔ               ｂｅｉｎｇ               ｐａｉｄ               ｂａｃｋ               ａｎｄ               ｔｈｅ               ｓｋｙ               ｆｅｌｌ               ｏｎ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｅｎｇａｇｅｄ               ｉｎ               ｓｏｍｅｔｈｉｎｇ               ｔｈａｔ               ｕｓｅ               ｔｏ               ｂｅ               ｉｌｌｅｇａｌ               ｔｈａｔ               ｉｓ               ｎｏｗ               ｋｎｏｗｎ               ａｓ               ｃｒｅｄｉｔ               ｄｅｆａｕｌｔ               ｓｗａｐｓ.

Ｓｏ               ｉｆ               ａｎｙ               ｐｏｌｉｔｉｃｉａｎ               ｓｅｅｋｉｎｇ               ｙｏｕｒ               ｖｏｔｅ               ｓａｙｓ               ｈｅ               ｏｒ               ｓｈｅ               ｉｓ               ｆｏｒ               Ｄｅｒｉｖａｔｉｖｅ               ｔｒａｄｉｎｇ,               ｄｏｎ'ｔ               ｖｏｔｅ               ｆｏｒ               ｈｉｍ               ｏｒ               ｈｅｒ,               ｄｅｒｉｖａｔｉｖｅｓ               ａｒｅ               ｂａｄ               ｆｏｒ               ａ               ｃａｐｉｔａｌｉｓｔｉｃ               ｅｃｏｎｏｍｙ               ａｎｄ               ａｒｅ               ｆｕｌｌ               ｏｆ               ｍｏｒａｌ               ｈａｚａｒｄ.
               Ｂａｄ               Ｂａｎｋ:               Ａｎ               ｅｎｔｉｔｙ               (ｔｈｅ               "ｂａｄ               ｂａｎｋ")               ｔｈａｔ               ｉｓ               ｌｅｇａｌｌｙ               ｓｅｐａｒａｔｅｄ               ｆｒｏｍ               ｔｈｅ               ｂａｎｋ               ｔｈａｔ               ｃｒｅａｔｅｄ               ｉｔ               (ｔｈｅ               "ｇｏｏｄ               ｂａｎｋ")               ａｎｄ               ｉｎｔｏ               ｗｈｉｃｈ               ａｒｅ               ｐｌａｃｅｄ               ｐｒｏｂｌｅｍ               ｌｏａｎｓ               (ｏｒ               ｏｔｈｅｒ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ).

Ｕｓｕａｌｌｙ               ｃｒｅａｔｅｄ               ｂｙ               ｂａｎｋｓ               ｔｏ               ｃｌｅａｎ               ｕｐ               ｔｈｅｉｒ               ｂａｌａｎｃｅ               ｓｈｅｅｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｄｏｎ'ｔ               ｙｏｕ               ｗｉｓｈ               ｙｏｕ               ｈａｄ               ａ               ｂａｄ               ｗａｌｌｅｔ,               ａｎｄ               ｔｈｉｓ               ｗａｌｌｅｔ               ｗａｓ               ｓｅｐａｒａｔｅ               ｆｒｏｍ               ｔｈｅ               ｇｏｏｄ               ｓｉｄｅ               ｏｆ               ｙｏｕｒ               ｗａｌｌｅｔ               ｅｖｅｎ               ｔｈｏｕｇｈ               ｉｔ               ｒｅｓｉｄｅｄ               ｕｎｄｅｒ               ｔｈｅ               ｓａｍｅ               ａｓｓ               ｃｈｅｅｋ?

Ａｎｄ               ｉｎｓｉｄｅ               ｔｈｉｓ               "ｓｅｐａｒａｔｅ"               ｗａｌｌｅｔ               ｔｈｅ               ｂｅｎｅｖｏｌｅｎｔ               ｇｏｖｅｒｎｍｅｎｔ               ｗｏｕｌｄ               ｇｉｖｅ               ｙｏｕ               ｃｌｏｓｅ               ｔｏ               0%               ｌｏａｎｓ               ｔｏ               ｐａｙ               ｏｆｆ               ｔｈｅ               ｂａｄ               ｓｉｄｅ               ｏｆ               ｙｏｕｒ               ｗａｌｌｅｔ               ｆｏｒ               ａｌｌ               ｔｈｅ               ｄｕｍｂ               ｓ**ｔ               ｙｏｕ               ｗａｓｔｅｄ               ｙｏｕｒ               ｍｏｎｅｙ               ｏｎ.

Ａｔ               ｔｈｅ               ｓａｍｅ               ｔｉｍｅ,               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ,               ａｌｌｏｗｓ               ｙｏｕ               ｔｏ               ｆｒａｃｔｉｏｎａｌｉｚｅ               ｔｈｏｓｅ               ｌｏａｎｓ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｉｓ               ｇｉｖｉｎｇ               ｙｏｕ,               ｍｅａｎｉｎｇ               ｔｈｅｙ               ｃａｎ               ｌｅｎｄ               ｔｈａｔ               ｍｏｎｅｙ               (ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ),               ｏｖｅｒ               ａｎｄ               ｏｖｅｒ               ａｇａｉｎ               ｔｏ               ｙｏｕ               ａｎｄ               Ｉ               ａｔ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ａｎｙｗｈｅｒｅ               ｂｅｔｗｅｅｎ               4-30%               (ａｎｙｔｈｉｎｇ               ａｂｏｖｅ               7%               ｕｓｅ               ｔｏ               ｂｅ               ｋｎｏｗｎ               ａｓ               ｕｓｕｒｙ               ｕｎｔｉｌ               ｃｏｎｇｒｅｓｓ               ｉｎ               ｔｈｅ               80ｓ               ｓｔａｒｔｅｄ               ｍａｋｉｎｇ               ｂａｂｉｅｓ               ｗｉｔｈ               Ｗａｌｌ               Ｓｔｒｅｅｔ).

Ｓｏ               ｎｏｗ               ｗｅ               ｇｅｔ               ｔｏ               ｐａｙ               ｔｈｅ               ｂａｎｋｓ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｔｈｅ               ｍｏｎｅｙ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｂａｉｌｅｄ               ｔｈｅｍ               ｏｕｔ               ｗｉｔｈ               ｕｓｉｎｇ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ,               ｓｏ               ｔｈｅ               ｂａｎｋｓ               ｃａｎ               ｍａｋｅ               ａ               ｐｒｏｆｉｔ               ａｎｄ               ｐａｙ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｂａｃｋ               ｔｈｅ               ｍｏｎｅｙ               ｙｏｕ               ａｎｄ               Ｉ               ｓｕｐｐｌｉｅｄ               ｔｈｅｍ               ｗｉｔｈ               ｂｙ               ｉｓｓｕｉｎｇ               ｃｒｅｄｉｔ               ａｎｄ               ｌｏａｎｓ               ｗｉｔｈ               ｕｓｕｒｙ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ａｎｄ               ｏｂｓｃｅｎｅ               ｆｅｅｓ               ａｎｄ               ｈｉｄｄｅｎ               ｃｈａｒｇｅｓ.

Ｗｏｗ,               ｂａｄ               ｂａｎｋｓ               ｒｅａｌｌｙ               ａｒｅ               ｂａｄ.
               Ｍｏｒｔｇａｇｅ-Ｂａｃｋｅｄ               Ｓｅｃｕｒｉｔｉｅｓ               ｏｒ               ＭＢＳ:               Ａ               ｓｅｔ               ｏｆ               ｓｉｍｉｌａｒ               ｍｏｒｔｇａｇｅｓ               ｂｕｎｄｌｅｄ               ｔｏｇｅｔｈｅｒ               ｂｙ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ａｎｄ               ｓｏｌｄ               ａｓ               ｏｎｅ               ｓｅｃｕｒｉｔｙ               -               ａ               ｔｙｐｅ               ｏｆ               ＡＢＳ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               ＭＢＳ               ｓｈｏｕｌｄ               ｂｅ               ｋｎｏｗ               ａｓ               "Ｉ               ｃａｎ'ｔ               ｂｅｌｉｅｖｅ               ｉｔ'ｓ               ｎｏｔ               ｃｒａｐ";               ｂｅｃａｕｓｅ               ｔｈｅｓｅ               ｐａｃｋａｇｅｓ               ｏｆ               ｈｉｇｈ               ｒｉｓｋ               ｂａｄ               ｌｏａｎｓ               ｓｔｕｃｋ               ｏｎ               ｔｈｅ               ｂａｃｋｓ               ｏｆ               ａ               ｆｅｗ               ｇｏｏｄ               ｌｏａｎｓ               ｔｏ               ｃｒｅａｔｅ               ａ               ｆａｌｓｅ               ｔｒｉｐｌｅ               Ａ               ｒａｔｉｎｇ               ｆｒｏｍ               ｔｈｅ               ｃｏｒｒｕｐｔ               ｒａｔｉｎｇ               ａｇｅｎｃｉｅｓ               ｆｏｒ               ｔｈｅｓｅ               ｓｅｃｕｒｉｔｙ               ｐａｃｋａｇｅｓ               ｐｒｅｔｔｙ               ｍｕｃｈ               ｂｒｏｕｇｈｔ               ｄｏｗｎ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ,               ｃｏｕｐｌｅｄ               ｗｉｔｈ               ｔｈｅ               ｆｉｒｓｔ               ｐａｒｔ               ｏｆ               ｔｈｅ               ｆｒａｕｄ               ｗｈｉｃｈ               ｗａｓ               ｔｏ               ａｒｔｉｆｉｃｉａｌｌｙ               ｃｒｅａｔｅｄ               ａ               ｈｏｕｓｉｎｇ               ｂｕｂｂｌｅ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ｃｒｅａｔｅ               ＭＢＳ               ｐａｃｋａｇｅｓ               ｔｈａｔ               ｗｏｕｌｄ               ｍａｋｅ               ｂｉｌｌｉｏｎｓ               ｆｏｒ               ａｌｌ               ｉｎ               ｏｎ               ｔｈｅ               ｓｃａｍ               ａｎｄ               ｃｏｓｔ               Ａｍｅｒｉｃａ               ｉｔ'ｓ               ｓｈｏｔ               ａｔ               ｔｈｅ               ｈｏｍｅ-ｏｗｎｅｒ               ｄｒｅａｍ.
               Ｌｅｇａｃｙ               Ａｓｓｅｔｓ:               Ａｌｓｏ               ｋｎｏｗｎ               ａｓ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ,               ｌｅｇａｃｙ               ａｓｓｅｔｓ               ａｒｅ               ｒｅａｌ               ｅｓｔａｔｅ-ｒｅｌａｔｅｄ               ｌｏａｎｓ               ａｎｄ               ｓｅｃｕｒｉｔｉｅｓ               (ｌｅｇａｃｙ               ｌｏａｎｓ               ａｎｄ               ｌｅｇａｃｙ               ｓｅｃｕｒｉｔｉｅｓ)               ｔｈａｔ               ｒｅｍａｉｎ               ｏｎ               ｂａｎｋｓ'               ｂａｌａｎｃｅ               ｓｈｅｅｔｓ               ａｎｄ               ｔｈａｔ               ｈａｖｅ               ｌｏｓｔ               ｖａｌｕｅ,               ｂｕｔ               ａｒｅ               ｄｉｆｆｉｃｕｌｔ               ｔｏ               ｐｒｉｃｅ               ｄｕｅ               ｔｏ               ｔｈｅ               ｒｅｃｅｎｔ               ｍａｒｋｅｔ               ｄｉｓｒｕｐｔｉｏｎ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｏｎｃｅ               ａｇａｉｎ               ｃｒｅａｔｉｎｇ               ｒｅｄｕｎｄａｎｔ               ｔｅｒｍｉｎｏｌｏｇｙ               ｉｎ               ａｎ               ａｔｔｅｍｐｔ               ｔｏ               ｃｏｎｆｕｓｅ               ａｎｄ               ｏｖｅｒ               ｃｏｍｐｌｉｃａｔｅ.

Ｌｅｇａｃｙ               ａｓｓｅｔｓ               ａｒｅ               ｏｎｌｙ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ               ｉｎ               ｄｅｐｒｅｓｓｅｄ               ｍａｒｋｅｔｓ,               ｉｆ               ｔｈｅ               ｍａｒｋｅｔ               ｒｅｂｏｕｎｄｅｄ               ａｎｄ               ｔｈｅ               ｈｏｕｓｉｎｇ               ｐｒｉｃｅｓ               ｒｅｃｏｖｅｒｅｄ               ｔｈｅｓｅ               ｌｅｇａｃｙ               ａｓｓｅｔｓ               ｗｏｕｌｄ               ｐｒｏｂａｂｌｙ               ｂｅ               ｐｒｏｆｉｔａｂｌｅ               ａｇａｉｎ               -               ｂｕｔ               ｓｉｎｃｅ               ｔｈｅｙ               ａｒｅｎ'ｔ               ｐｒｏｆｉｔａｂｌｅ               ｒｉｇｈｔ               ｎｏｗ               ａｎｄ               ｎｏｔ               ｃｒｅａｔｉｎｇ               ｔｈｅ               ｒｅｖｅｎｕｅ               ｓｔｒｅａｍ               ｔｈｅｙ               ｕｓｅ               ｔｏｏ,               ｂａｎｋｓ               ｗａｎｔｓ               ｕｓ               ｔｏ               ｐｕｒｃｈａｓｅ               ｔｈｅｍ               ｏｆｆ               ｔｈｅｉｒ               ｂｏｏｋｓ               ｓｏ               ｔｈｅｙ               ｇｅｔ               ｐａｉｄ               ａｎｄ               ｗｅ               ｈｏｌｄ               ｔｈｅ               ｒｉｓｋ.
               Ｌｅｇａｃｙ               Ｌｏａｎｓ:               Ｕｎｄｅｒｐｅｒｆｏｒｍｉｎｇ               ｒｅａｌ               ｅｓｔａｔｅ-ｒｅｌａｔｅｄ               ｌｏａｎｓ               ｈｅｌｄ               ｂｙ               ａ               ｂａｎｋ               ｔｈａｔ               ｉｔ               ｗｉｓｈｅｓ               ｔｏ               ｓｅｌｌ,               ｂｕｔ               ｒｅｃｅｎｔ               ｍａｒｋｅｔ               ｄｉｓｒｕｐｔｉｏｎｓ               ｈａｖｅ               ｍａｄｅ               ｄｉｆｆｉｃｕｌｔ               ｔｏ               ｐｒｉｃｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｂａｎｋｓ               ｃａｎ               ａｃｃｅｐｔ               'ｏｔｈｅｒ               ｒｅａｌ               ｅｓｔａｔｅ               ｒｅｌａｔｅｄ               ｃｏｌｌａｔｅｒａｌ'               ｔｏ               ｃｏｖｅｒ               ｌｏａｎｓ               ｔｈｅｙ               ａｒｅ               ｉｓｓｕｉｎｇ.

Ｔｈｅ               ｐｒｏｂｌｅｍ               ｉｓ               ｔｈｅｓｅ               ｒｅａｌ               ｅｓｔａｔｅ-ｒｅｌａｔｅｄ               ｃｏｌｌａｔｅｒａｌ               ｈａｖｅ               ｂｅｅｎ               ｉｍｐｒｏｐｅｒｌｙ               ａｓｓｅｓｓｅｄ               ｏｒ               ｆｒａｕｄｕｌｅｎｔｌｙ               ｓｔｒｅｎｇｔｈｅｎ               ｔｏ               ｍａｋｅ               ｔｈｅ               ｎｕｍｂｅｒｓ               ｗｏｒｋ               ｏｎ               ｓｏｍｅ               ｅｘｃｅｌ               ｓｈｅｅｔ.

Ｓｉｎｃｅ               ｔｈｅ               ｒｅａｌ               ｅｓｔａｔｅ-ｒｅｌａｔｅｄ               ｌｏａｎｓ               ａｒｅ               ｂａｃｋｅｄ               ｂｙ               ｍｉｓｊｕｄｇｅｄ               ａｓｓｅｔｓ               ｔｈａｔ               ｎｏ-ｌｏｎｇｅｒ               ｃｏｖｅｒ               ｔｈｅ               ｉｎｉｔｉａｌ               ｌｏａｎ               ａｎｄ               ｉｆ               ｔｈｅ               ｉｎｉｔｉａｌ               ｌｏａｎ               ｇｏｅｓ               ｂａｄ               ｏｒ               ｍａｄｅ               ｕｎｓｅｌｌａｂｌｅ               ｌｉｋｅ               ｔｈｅｙ               ａｒｅ               ｎｏｗ               ｉｎ               ｏｕｒ               ｃｕｒｒｅｎｔ               ｍａｒｋｅｔ,               ｔｈｅ               ｂａｎｋｓ               ａｒｅｎ'ｔ               ｍａｋｉｎｇ               ａｓ               ｍｕｃｈ               ｃａｓｈ               ａｓ               ｔｈｅｉｒ               ｇｒｅｅｄｙ               ｃｏａｌ-ｈｅａｒｔｓ               ｒｅｑｕｉｒｅ               ａｎｄ               ｔｈｅｙ               ｓｈｕｔ               ｌｅｎｄｉｎｇ               ｄｏｗｎ               ｔｏ               ｍａｋｅ               ａｌｌ               ｏｆ               ｕｓ               ｆｅｅｌ               ｔｈｅｉｒ               ｆｉｎａｎｃｉａｌ               ｐａｉｎ               ｕｎｔｉｌ               ｗｅ               ｇｉｖｅ               ｉｎ               ａｎｄ               ｇｉｖｅ               ｔｈｅｍ               ｔｒｉｌｌｉｏｎｓ               ｏｆ               ｏｕｒ               ｄｏｌｌａｒｓ               ｔｏ               ｒｉｇｈｔ               ｔｈｅｉｒ               ｂｏｏｋｓ.
               Ｌｅｇａｃｙ               Ｓｅｃｕｒｉｔｉｅｓ:               Ｔｒｏｕｂｌｅｄ               ｒｅａｌ               ｅｓｔａｔｅ-ｒｅｌａｔｅｄ               ｓｅｃｕｒｉｔｉｅｓ               (ｒｅｓｉｄｅｎｔｉａｌ               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ               (ＲＭＢＳ),               ｃｏｍｍｅｒｃｉａｌ               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ               (ＣＭＢＳ),               ａｎｄ               ａｓｓｅｔ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ               (ＡＢＳ)               ｌｉｎｇｅｒｉｎｇ               ｏｎ               ｉｎｓｔｉｔｕｔｉｏｎ'ｓ               ｂａｌａｎｃｅ               ｓｈｅｅｔｓ               ｄｕｅ               ｔｏ               ａｎ               ｉｎａｂｉｌｉｔｙ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｖａｌｕｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｌｉｋｅ               ｔｈｅｉｒ               ｔｏｏｔｈｌｅｓｓ               ｃｏｕｓｉｎ               ｔｈｅ               Ｌｅｇａｃｙ               Ｌｏａｎ,               Ｌｅｇａｃｙ               Ｓｅｃｕｒｉｔｉｅｓ               ａｒｅ               ｊｕｓｔ               ｐａｃｋａｇｅｄ               Ｌｅｇａｃｙ               Ｌｏａｎｓ               ｔｈａｔ               ａｒｅｎ'ｔ               ｓｅｌｌｉｎｇ               ｆｏｒ               ｗｈａｔ               ｔｈｅ               ｂａｎｋｓ               ｗａｎｔ,               ｓｏ               Ｔｒｅａｓｕｒｙ               ｉｓ               ｇｏｉｎｇ               ｔｏ               ｓｅｌｌ               ｔｈｅｍ               ｔｏ               ｕｓ,               ｔｈｅ               ｐｕｂｌｉｃ,               ｂｅｃａｕｓｅ               ｗｅ               ｗｏｕｌｄ               ｗａｎｔ               ｓｏｍｅｔｈｉｎｇ               ｔｈｅ               ｂａｎｋｓ               ｃｏｎｓｉｄｅｒ               ｄｅａｄ               ｄｏｇｓ....ｒｉｇｈｔ?
               Ｓｙｓｔｅｍｉｃａｌｌｙ               Ｓｉｇｎｉｆｉｃａｎｔ:               Ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｗｈｏｓｅ               ｆａｉｌｕｒｅ               ｗｏｕｌｄ               ｉｍｐｏｓｅ               ｓｉｇｎｉｆｉｃａｎｔ               ｌｏｓｓｅｓ               ｏｎ               ｃｒｅｄｉｔｏｒｓ               ａｎｄ               ｃｏｕｎｔｅｒｐａｒｔｉｅｓ,               ｃａｌｌ               ｉｎｔｏ               ｑｕｅｓｔｉｏｎ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｔｒｅｎｇｔｈ               ｏｆ               ｏｔｈｅｒ               ｓｉｍｉｌａｒｌｙ               ｓｉｔｕａｔｅｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ,               ｄｉｓｒｕｐｔ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ,               ｒａｉｓｅ               ｂｏｒｒｏｗｉｎｇ               ｃｏｓｔｓ               ｆｏｒ               ｈｏｕｓｅｈｏｌｄｓ               ａｎｄ               ｂｕｓｉｎｅｓｓｅｓ,               ａｎｄ               ｒｅｄｕｃｅ               ｈｏｕｓｅｈｏｌｄ               ｗｅａｌｔｈ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅ               Ｂｕｓｈ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｈａｄ               ｓｏｍｅ               ｆｕｎｋｙ               ｔｅｒｒｏｒｉｓｔ-ｃｏｌｏｒ               ｃｏｄｅ;               ｔｈｉｓ               Ｏｂａｍａ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｈａｓ               'ｓｙｓｔｅｍｉｃａｌｌｙ               ｓｉｇｎｉｆｉｃａｎｔ'               ｎｏｎｓｅｎｓｅ               ｔｏ               ｓｃａｒｅ               ｕｓ               ｉｎｔｏ               ｈａｎｄｉｎｇ               ｏｖｅｒ               ｏｕｒ               ｈａｒｄ               ｗｏｒｋｅｄ               ｄｏｌｌａｒｓ               ｓｏ               ｗｅ               ｃａｎ               ｂｅ               ｆｏｒｃｅｄ               ｉｎｔｏ               ｐａｙｉｎｇ               ｏｆｆ               ａ               ｓｍａｌｌ               ｎｕｍｂｅｒ               ｏｆ               ｄｅｃｅｉｔｆｕｌ               ｐｅｏｐｌｅ               ｗｈｉｌｅ               ｔｈｅｙ               ｃｏｎｔｉｎｕｅ               ｔｏ               ｒｅｄｕｃｅ               ｏｕｒ               ｑｕａｌｉｔｙ               ｏｆ               ｌｉｆｅ               ａｎｄ               ｗａｇｅｓ.
               Ｉｌｌｉｑｕｉｄ:               Ａｓｓｅｔｓ               ｔｈａｔ               ｃａｎｎｏｔ               ｂｅ               ｑｕｉｃｋｌｙ               ｃｏｎｖｅｒｔｅｄ               ｔｏ               ｃａｓｈ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｓｓｅｔｓ               ｃａｎ               ｂｅ               ａｎｙｔｈｉｎｇ               ｆｒｏｍ               ａ               ｍｉｌｌｉｏｎ               ｄｏｌｌａｒ               ｐａｉｎｔｉｎｇ               ｐｕｒｃｈａｓｅｄ               ｂｙ               ｔｈｅ               ｃｏｒｐｏｒａｔｉｏｎ               ｆｏｒ               ｄｅｃｏｒａｔｉｏｎ               ｉｎ               ｓｏｍｅ               ｅｘｅｃｕｔｉｖｅ'ｓ               ｏｆｆｉｃｅ               ｏｒ               ｉｔ               ｃｏｕｌｄ               ｍｅａｎ               ａ               ｓｔｉｎｋｙ               ｌｏａｎ               ｔｈａｔ               ｈａｓ               ｇｏｎｅ               ｂａｄ               ａｎｄ               ｉｓ               ｎｏｗ               ｗｏｒｔｈｌｅｓｓ,               ｂｕｔ               ｍａｙ               ｂｅ               ｗｏｒｔｈ               ｓｏｍｅｔｈｉｎｇ               ｉｎ               ｔｈｅ               ｆｕｔｕｒｅ               ｍａｋｉｎｇ               ｉｔ               ｕｎａｂｌｅ               ｔｏ               ｂｅ               ｃｏｎｖｅｒｔｅｄ               ｉｎｔｏ               ｃａｓｈ               ｏｒ               ａｔ               ｌｅａｓｔ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｃａｓｈ               ｔｈｏｓｅ               ｈｏｌｄｉｎｇ               ｉｔ               ｂｅｌｉｅｖｅ               ｉｔ               ｔｏ               ｂｅ               ｗｏｒｔｈ               ａｔ               ｔｈｉｓ               ｔｉｍｅ.
               Ｉｎｓｏｌｖｅｎｔ:               Ａ               ｃｏｎｄｉｔｉｏｎ               ｗｈｅｒｅ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｈａｓ               ｌｉａｂｉｌｉｔｉｅｓ               ｔｈａｔ               ｅｘｃｅｅｄ               ｉｔｓ               ａｓｓｅｔｓ.

Ｂｙ               ｄｅｆｉｎｉｔｉｏｎ,               ｓｈａｒｅｈｏｌｄｅｒｓ'               ｅｑｕｉｔｙ               ｉｎ               ｓｕｃｈ               ａ               ｓｉｔｕａｔｉｏｎ               ｗｉｌｌ               ｂｅ               ｎｅｇａｔｉｖｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｆｉｎａｎｃｉａｌ               Ｉｎｓｔｉｔｕｔｉｏｎ               ｔｈｒｏｕｇｈ               ｄｅｃｅｐｔｉｖｅ               ｂｏｏｋ-ｋｅｅｐｉｎｇ               ａｎｄ               ａｌｌ               ｏｕｔ               ｆｒａｕｄ               ｉｎ               ｍａｎｙ               ｃａｓｅｓ               ｈａｖｅ               ｄｅｃｅｉｖｅｄ               ｓｈａｒｅ               ｈｏｌｄｅｒｓ               ａｎｄ               ｃａｎｎｏｔ               ｃｏｖｅｒ               ｔｈｅ               ｌｏａｎｓ               ａｎｄ               ｂｅｔｓ               ｔｈｅｙ               ｍａｄｅ               ａｎｄ               ａｒｅ               ｎｏｗ               ｈｏｌｄｉｎｇ               ｏｕｒ               ｅｃｏｎｏｍｙ               ｈｏｓｔａｇｅ               ｆｏｒ               ｔｈｅｉｒ               ｂａｄ               ｄｅｃｉｓｉｏｎ,               ａｎｄ               ｆｏｒ               ｓｏｍｅ               ｒｅａｓｏｎ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｂｅｌｉｅｖｅｓ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎ               ｃａｎｎｏｔ               ｇｏ               ｂａｎｋｒｕｐｔ               ｏｒ               ｅｌｓｅ               ａｌｌ               ｈｅｌｌ               ｗｉｌｌ               ｂｒｅａｋ               ｌｏｏｓｅ               ｈｅｒｅ               ｏｎ               ｅａｒｔｈ.
               Ｓｅｃｏｎｄａｒｙ               Ｍａｒｋｅｔ:               Ｃｒｅａｔｅｄ               ｗｈｅｎ               ｂａｎｋｓ               ｓｅｌｌ               ａ               ｐｏｒｔｉｏｎ               ｏｆ               ｔｈｅｉｒ               ｌｏａｎｓ               ｔｏ               ａ               ｄｅａｌｅｒ               ｗｈｏ               ｔｈｅｎ               ｐｏｏｌｓ               ｔｈｅ               ｌｏａｎｓ               ｔｏｇｅｔｈｅｒ               ａｎｄ               ｓｅｌｌｓ               ｐｏｒｔｉｏｎｓ               ｏｆ               ｔｈｅ               ｌｏａｎ               ｐｏｏｌｓ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ               ｔｏ               ｉｎｖｅｓｔｏｒｓ.

Ｔｈｅ               ｓｅｃｏｎｄａｒｙ               ｍａｒｋｅｔ               ｓｅｒｖｅｓ               ａｓ               ａ               ｓｏｕｒｃｅ               ｏｆ               ｃａｓｈ               ｆｏｒ               ｂａｎｋｓ,               ｐｒｏｖｉｄｉｎｇ               ｔｈｅｍ               ｍｏｎｅｙ               ｔｏ               ｍａｋｅ               ｎｅｗ               ｌｏａｎｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｎｏｗ               ｔｈｉｓ               ｉｓ               ｗｈｙ               ｐｅｏｐｌｅ               ｈａｔｅ               ｂａｎｋｅｒｓ               ａｎｄ               "ｗｉｚａｒｄｓ"               ｉｎ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｗｏｒｌｄ,               ｔｈａｔ               ｄｏ               ｎｏｔｈｉｎｇ               ｍｏｒｅ               ｔｈａｎ               ｃｒｅａｔｅ               ｗｅａｌｔｈ               ｏｕｔ               ｏｆ               ｔｈｅｉｒ               ｂａｃｋ-ｓｉｄｅ.

Ｂａｎｋｓ               ｗｈｏ               ａｌｒｅａｄｙ               ｏｖｅｒ-ｌｅｖｅｒａｇｅ               ｔｈｒｏｕｇｈ               ｆｒａｃｔｉｏｎａｌ               ｒｅｓｅｒｖｅ               ｂａｎｋｉｎｇ               ａｒｅ               ｎｏｗ               ａｂｌｅ               ｔｏ               ｓｅｌｌ               ａ               ｐｏｒｔｉｏｎ               ｏｆ               ａ               ｌｏａｎ,               ｔｈｕｓ               ｒｅｄｕｃｉｎｇ               ｔｈｅｉｒ               ｒｉｓｋ               ｂｙ               ｔｈｅ               ｐｏｒｔｉｏｎ               ｏｆｆ-ｌｏａｄｅｄ               ｔｏ               ｔｈｉｓ               ｍｉｄｄｌｅ-ｍａｎ               ｗｈｏ               ｃｒｅａｔｅｓ               ｌｏａｎ               ｐｏｏｌｓ               ｔｏ               ｂｅ               ｓｏｌｄ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ,               ａｎｄ               ｔｈｅ               ｍｉｄｄｌｅ-ｍａｎ               ｌｏｖｅｓ               ｉｔ               ｂｅｃａｕｓｅ               ｈｅ               ｉｓ               ｇｅｔｔｉｎｇ               ｒｅｄｕｃｅｄ-ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｌｏａｎｓ               ｔｏ               ｐａｃｋａｇｅ               ａｎｄ               ｓｅｌｌ               ｆｏｒ               ａ               ｐｒｏｆｉｔ,               ａｎｄ               ｔｈｅ               ｉｎｖｅｓｔｏｒ               ｌｏｖｅｓ               ｔｈｅ               ｄｉｖｉｄｅｎｄｓ               ｏｆｆ               ｔｈｅｉｒ               ｉｎｖｅｓｔｍｅｎｔ               ｗｈｅｎ               ｔｉｍｅｓ               ａｒｅ               ｇｏｉｎｇ               ｓｗｅｌｌ               -               ｔｏｏ               ｂａｄ               ｉｔｓ               ａｌｌ               ｂａｓｅｄ               ｏｎ               ｉｍａｇｉｎａｒｙ               ｍｏｎｅｙ               ａｎｄ               ｗｈｅｎ               ｔｉｍｅｓ               ａｒｅ               ｂａｄ               ａｎｄ               ｐｅｏｐｌｅ               ｗａｎｔ               ｔｈａｔ               ｉｍａｇｉｎａｒｙ               ｍｏｎｅｙ,               ｔｈｅ               ｓｅｃｏｎｄａｒｙ               ｍａｒｋｅｔｓ               ｃｒａｓｈ               ｈａｒｄ               ｂｅｃａｕｓｅ               ｉｔ               ｄｏｅｓｎ'ｔ               ｅｘｉｓｔ,               ｕｎｌｅｓｓ               ｏｆ               ｃｏｕｒｓｅ               Ｄａｄｄｙ               Ｗａｒｂｕｃｋｓ               Ｇｅｉｔｈｎｅｒ               ｏｒ               Ｊ.Ｐ.

Ｂｅｒｎａｋｅ               ｗｒｉｔｅ               ｔｈｅｍ               ａ               ｎｉｃｅ               ｃｈｅｃｋ               ｗｉｔｈ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｔｏ               ｕｎｃｏｏｋ               ｔｈｅｉｒ               ｂｏｏｋｓ.
               Ｓｐｅｃｉａｌ               Ｐｕｒｐｏｓｅ               Ｖｅｈｉｃｌｅ               ("ＳＰＶ"):               Ａｎ               ｅｎｔｉｔｙ               ｗｈｏｓｅ               ｏｐｅｒａｔｉｏｎｓ               ａｒｅ               ｌｉｍｉｔｅｄ               ｔｏ               ｔｈｅ               ａｃｑｕｉｓｉｔｉｏｎ               ａｎｄ               ｆｉｎａｎｃｉｎｇ               ｏｆ               ｓｐｅｃｉｆｉｃ               ａｓｓｅｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｒｅａｓｕｒｙ               ｉｓ               ｃｒｅａｔｉｎｇ               ｔｈｅ               ａｂｉｌｉｔｙ               ｆｏｒ               ｃｏｍｐａｎｉｅｓ               ｔｏ               ｐｕｒｃｈａｓｅ               ｔｈｅｓｅ               ｌｅｇａｃｙ               ｌｏａｎｓ               ｔｈｒｏｕｇｈ               ａｎ               ａｕｃｔｉｏｎ               ｐｒｏｃｅｓｓ,               ｏｆ               ｃｏｕｒｓｅ               ｒｅｇｕｌａｔｅｄ               ｂｙ               ｅｉｔｈｅｒ               Ｔｒｅａｓｕｒｙ               ｏｒ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ,               ａｎｄ               ｙｏｕ               ｃａｎ               ｂｅｔ               ｔｈａｔ               ｙｏｕ               ａｎｄ               Ｉ               ｏｕｔ               ｏｎ               ｔｈｅ               ｓｔｒｅｅｔｓ               ｗｏｎ'ｔ               ｂｅ               ｉｎｖｉｔｅｄ               ｔｏ               ｐａｒｔｉｃｉｐａｔｅ.

Ｔｈｅｓｅ               ＳＰＶｓ               ｃａｎ               ｐｕｒｃｈａｓｅ               ｔｈｅｓｅ               ｌｅｇａｃｙ               ｌｏａｎｓ               ｗｉｔｈ               ｌｏａｎｓ               ｆｒｏｍ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｔｈａｔ               ｗｉｌｌ               ｂｅ               ｂａｃｋｅｄ               ｂｙ               ｔｈｅ               ＦＤＩＣ,               ａｎｄ               ｔｈｅｙ               ｗｉｌｌ               ｂｅ               ｍａｔｃｈｅｄ               ｄｏｌｌａｒ-ｆｏｒ               ｄｏｌｌａｒ               ｗｉｔｈ               ＴＡＲＰ               ｆｕｎｄｓ               ｔｏ               ｂｕｙ               ｔｈｅｓｅ               ａｓｓｅｔｓ               ｔｈａｔ               ｍｏｓｔ               ｌｉｋｅｌｙ               ｗｉｌｌ               ｂｅ               ｐｒｏｆｉｔａｂｌｅ               ｉｎ               5               ｙｅａｒｓ               ｏｎｃｅ               ｔｈｅ               ｍａｒｋｅｔｓ               ｒｅｃｏｖｅｒ               ａｎｄ               ｂｅｇｉｎ               ｇｒｏｗｉｎｇ               ａｇａｉｎ.

Ｓｏ               ｔｈｅｓｅ               ｓｐｅｃｉａｌｌｙ               ｐｉｃｋｅｄ               ＳＰＶｓ               ｗｉｌｌ               ｎｏｔ               ｏｎｌｙ               ｇｅｔ               ａ               ｌｏａｎ               ｗｈｅｒｅ               ｅｖｅｒｙ               ｄｏｌｌａｒ               ｔｈｅｙ               ｐｕｔ               ｕｐ               ｗｉｌｌ               ｂｅ               ｍａｔｃｈｅｄ               ｂｙ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ,               ｉｆ               ｔｈｅｙ               ｆａｉｌ               ｔｏ               ｐａｙ               ｏｆｆ               ｔｈｉｓ               ｌｏａｎ               ｗｈｉｃｈ               ｉｓ               ｂｅｉｎｇ               ｕｓｅｄ               ｔｏ               ｐｕｒｃｈａｓｅ               ｏｔｈｅｒ               ｌｏａｎｓ,               ｔｈｅ               ＦＤＩＣ,               ｗｉｔｈ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｗｉｌｌ               ｂａｉｌ               ｔｈｅｍ               ｏｕｔ               -               ｗｉｓｈ               Ｉ               ｈａｄ               ａ               ＳＰＶ.
               Ｔｒｕｓｔ               Ｐｒｅｆｅｒｒｅｄ               Ｓｅｃｕｒｉｔｙ:               Ａ               ｓｅｃｕｒｉｔｙ               ｔｈａｔ               ｈａｓ               ｂｏｔｈ               ｅｑｕｉｔｙ               ａｎｄ               ｄｅｂｔ               ｃｈａｒａｃｔｅｒｉｓｔｉｃｓ.

Ｔｒｕｓｔ               Ｐｒｅｆｅｒｒｅｄ               Ｓｅｃｕｒｉｔｙ               ｉｓ               ｃｒｅａｔｅｄ               ｂｙ               ｅｓｔａｂｌｉｓｈｉｎｇ               ａ               ｔｒｕｓｔ               ａｎｄ               ｉｓｓｕｉｎｇ               ｄｅｂｔ               ｔｏ               ｔｈｅ               ｎｅｗ               ｔｒｕｓｔ.

Ａ               ｃｏｍｐａｎｙ               ｗｏｕｌｄ               ｃｒｅａｔｅ               ａ               ｔｒｕｓｔ               ｐｒｅｆｅｒｒｅｄ               ｓｅｃｕｒｉｔｙ               ｔｏ               ｒｅａｌｉｚｅ               ｔａｘ               ｂｅｎｅｆｉｔｓ,               ｓｉｎｃｅ               ｔｈｅ               ｔｒｕｓｔ               ｉｓ               ｔａｘ               ｄｅｄｕｃｔｉｂｌｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅ               ａｂｏｖｅ               ｄｅｆｉｎｉｔｉｏｎ               ｉｓ               ｏｆｆｅｎｓｉｖｅ               ｉｎ               ｉｔｓ               ｄｅｃｅｐｔｉｖｅｎｅｓｓ.

Ａ               Ｔｒｕｓｔ               Ｐｒｅｆｅｒｒｅｄ               Ｓｅｃｕｒｉｔｙ               (ＴＰＳ)               ｃｒｅａｔｅｄ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｉｎ               1996               ｉｓ               ｔｈｅ               ｎｅｘｔ               ｓｈｏｅ               ｔｏ               ｄｒｏｐ               ｉｎ               ｔｈｉｓ               ｆｉｎａｎｃｉａｌ               ｍｅｌｔｄｏｗｎ,               ａｎｄ               ｉｓ               ａｎｏｔｈｅｒ               ｍａｄｅ               ｕｐ               ｐｒａｃｔｉｃｅ               ｔｏ               ｂｅｎｅｆｉｔ               ｔｈｅ               ｂａｎｋｓ               ａｔ               ｔｈｅ               ｐｅｏｐｌｅ'ｓ               ｒｉｓｋ.

Ｂａｎｋｓ               ｃａｎ               ｃｒｅａｔｅ               ｐｏｏｌｓ               ｏｆ               ｄｅｂｔ               ａｎｄ               ｃｒｅｄｉｔ               ｉｎ               ｏｎｅ               ｍｏｃｋｅｄ               ｕｐ               ｆｕｌｌ               ｏｆ               ｃｒａｐ               ｎｏｎｓｅｎｓｅ               ｐｏｏｌ               ｏｆ               ａｓｓｅｔｓ               ｔｈａｔ               ｈａｓ               ｅｘｔｒｅｍｅｌｙ               ｌｏｎｇ               ｐａｙ               ｏｕｔｓ,               ｏｆｆｅｒｓ               ｔａｘ               ｄｅｄｕｃｔｉｏｎｓ               ａｎｄ               ｉｓ               ｔｈｅ               Ｆｒａｎｋｅｎｓｔｅｉｎ               ｏｆ               ｂａｄ               ｂａｎｋｉｎｇ               ｐｒａｃｔｉｃｅｓ.

Ｉｎ               1999               ｔｈｅ               Ｃｌｉｎｔｏｎ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               Ｔｒｅａｓｕｒｙ               Ｄｅｐａｒｔｍｅｎｔ,               ａｒｇｕｅｄ               ｔｈａｔ               ＴＰＳ               ｍａｓｋｓ               ｔｈｅ               ｄｅｂｔ               ｉｎ               ａｎ               ｏｆｆｅｒｉｎｇ               ａｎｄ               ｔｈｅｒｅｆｏｒｅ               ｍｉｓｌｅａｄ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ａｂｏｕｔ               ｔｈｅ               ｐｏｔｅｎｔｉａｌ               ｒｉｓｋｓ               ｏｆ               ｔｈｅ               ｆｉｒｍ,               ａｓ               ｗｅｌｌ               ａｓ               ｃｒｅａｔｉｎｇ               ａ               ｌｏｓｓ               ｏｆ               ｒｅｖｅｎｕｅ               ｔｏ               ｔｈｅ               ｆｅｄｅｒａｌ               ｇｏｖｅｒｎｍｅｎｔ;               ｔｏｏ               ｂａｄ               ａ               ｌｏｔ               ｏｆ               ｔｈｅ               Ｃｌｉｎｔｏｎ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｗａｓ               ｉｎ               ｂｅｄ               ｗｉｔｈ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｏｒ               ｅｌｓｅ               ｓｏｍｅｏｎｅ               ｍｉｇｈｔ               ｈａｖｅ               ｌｉｓｔｅｎｅｄ.

ＴＰＳ               ａｌｓｏ               ｃｒｅａｔｅ               ｆａｌｓｅ               Ｔ1               ｒｅａｄｉｎｇｓ               ｔｈａｔ               ｉｎｖｅｓｔｏｒｓ               ｕｓｅ               ｗｈｅｎ               ｄｅｔｅｒｍｉｎｉｎｇ               ｔｈｅ               "ｓｕｐｐｏｓｅｄ"               ｈｅａｌｔｈ               ｏｆ               ａｎ               ｉｎｓｔｉｔｕｔｉｏｎ,               ａｎｄ               ｗｉｔｈ               ｔｈｅ               ＴＰＳ               ｉｓｓｕｉｎｇ               ｂｙ               ｂａｎｋｓ               ｇｏｉｎｇ               ｕｐ               ｅｖｅｒｙ               ｙｅａｒ               ｓｉｎｃｅ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｈａｓ               ｐｅｒｍｉｔｔｅｄ               ｔｈｅ               ａｃｔ,               ｔｈｅ               ｂａｎｋｓ               ｔｈａｔ               ｃｒｅａｔｅｄ               ｔｈｅ               ｍｏｓｔ               ＴＰＳ,               ｔｈｕｓ               ｄｅｃｅｉｖｉｎｇ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｗｉｔｈ               ａ               ｆａｌｓｅ               ｂｉｌｌ               ｏｆ               ｈｅａｌｔｈ               ａｎｄ               ｔｈｅｙ               ｂｅｃａｍｅ               ｉｎｖｅｓｔｅｄ               ｉｎ               ｈｅａｖｉｌｙ               ａｎｄ               ｒｅａｐｅｄ               ｔｈｅ               ｒｅｗａｒｄｓ               ｏｖｅｒ               ｂａｎｋｓ               ｔｈａｔ               ｈａｄ               ａ               ｌｏｗｅｒ               ｒａｔｉｏ               ｏｆ               ＴＰＳ               ａｎｄ               ｉｎ               ｗｅｒｅ               ａｃｔｕａｌｌｙ               ｔｈｅ               ｓｔｒｏｎｇｅｒ               ｂａｎｋ.

Ｍｏｓｔ               ｂａｎｋｓ               ｕｓｅ               ＴＰＳ               ｔｏ               ｒｅｓｔｒｕｃｔｕｒｅ               ｃａｐｉｔａｌ,               ｍｅａｎｉｎｇ               ｍｏｖｉｎｇ               ａｓｓｅｔｓ               ｆｒｏｍ               ｏｎｅ               ｇｒｏｕｐ               ｏｆ               ｂａｄ               ｂｅｔｓ               ｔｏ               ａ               ｇｒｏｕｐ               ｏｆ               ｎｏｔ               ｓｏ               ｂａｄ               ｂｅｔｓ               ｉｎ               ａｎ               ａｔｔｅｍｐｔ               ｔｏ               ｍａｋｅ               ｍｏｒｅ               ｍｏｎｅｙ               ａｎｄ               ｍａｋｅ               ｔｈｅ               ｂａｄ               ｂｅｔｓ               ｎｏｔ               ｌｏｏｋ               ｓｏ               ｂａｄ               ｓｏ               ｔｈｅｙ               ｃａｎ               ｓｅｌｌ               ｉｔ               ｏｆｆ               ｔｏ               ｔｈｅ               ｎｅｘｔ               ｓｕｃｋｅｒ               ｉｎ               ｌｉｎｅ.

Ｕｓｕａｌｌｙ               ｐｒａｃｔｉｃｅｄ               ｂｙ               ｃｏｍｐａｎｉｅｓ               ｔｈａｔ               ａｒｅ               ｇｅｎｅｒａｌｌｙ               ｄｏｉｎｇ               ｐｏｏｒｅｒ               ｔｈａｎ               ｅｘｐｅｃｔｅｄ               ａｎｄ               ｗｉｓｈ               ｔｏ               ｓｔａｂｉｌｉｚｅ               ｆｕｔｕｒｅ               ｐｅｒｆｏｒｍａｎｃｅ               ｏｆ               ｔｈｅｉｒ               ａｓｓｅｔｓ.
               ＴＡＬＦ               Ｐｒｏｃｅｓｓ:               ＴＡＬＦ               (Ｔｅｒｍ               Ａｓｓｅｔ-ｂａｃｋｅｄ               Ｓｅｃｕｒｉｔｉｅｓ               Ｌｏａｎ               Ｆａｃｉｌｉｔｙ)               ｉｓ               ｐａｒｔ               ｏｆ               ＴＡＲＰ               (Ｔｒｏｕｂｌｅｄ               Ａｓｓｅｔ               Ｒｅｌｉｅｆ               Ｐｒｏｇｒａｍ)               ｗｏｒｋｓ               ｗｈｅｎ               ａｎ               ｅｌｉｇｉｂｌｅ               ｂｏｒｒｏｗｅｒ               ｃｏｎｔａｃｔｓ               ａ               ｐｒｉｍａｒｙ               ｄｅａｌｅｒ               ａｂｏｕｔ               ｒｅｃｅｉｖｉｎｇ               ａ               ＴＡＬＦ               ｌｏａｎ.

Ｔｈｅ               ｐｒｉｍａｒｙ               ｄｅａｌｅｒ               ｓｕｂｍｉｔｓ               ｔｏ               Ｔｈｅ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               Ｍｅｌｌｏｎ               (ＢＮＹＭ),               ｗｈｏ               ａｒｅ               ａ               ｇｌｏｂａｌ               ｂａｎｋ,               ａ               ｒｅｑｕｅｓｔ               ｆｏｒ               ａ               ｌｏａｎ               ｆｏｒ               ｔｈｅ               ｂｏｒｒｏｗｅｒ               ａｎｄ               ｔｈｅ               ｂｏｒｒｏｗｅｒ'ｓ               ｐｅｒｔｉｎｅｎｔ               ｉｎｆｏｒｍａｔｉｏｎ.

Ｉｆ               ＢＮＹＭ               ａｐｐｒｏｖｅｓ               ｔｈｅ               ｌｏａｎ               ｔｈｅｙ               ｇｉｖｅ               ｔｈｅ               ｐｒｉｍａｒｙ               ｄｅａｌｅｒ               ａ               ｌｉｓｔ               ｃｏｎｔａｉｎｉｎｇ               ｔｈｅ               ｂｏｒｒｏｗｅｒ'ｓ               ｌｏａｎ               ａｍｏｕｎｔ               ｗｉｔｈ               ａｎ               ｅｘｔｒｅｍｅｌｙ               ｌｏｗ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ,               ａｌｗａｙｓ               ｍｕｃｈ               ｌｏｗｅｒ               ｔｈａｎ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ｔｈｅｙ               ａｒｅ               ａｌｒｅａｄｙ               ｒｅｃｅｉｖｉｎｇ               ｏｎ               ａｌｌ               ｔｈｅｉｒ               ｔｏｘｉｃ               ａｓｓｅｔｓ               ａｌｏｎｇ               ｗｉｔｈ               ｔｈｅ               ｃｏｓｔ               ｉｎ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｆｅｅ               ｔｏ               ｃｒｅａｔｅ               ｔｈｅ               ｌｏａｎ.

Ｎｏｗ               ｉｆ               ｔｈｅ               ｂｏｒｒｏｗｅｒ               ｄｅｆａｕｌｔｓ               ａｇａｉｎ               ｏｎ               ｔｈｉｓ               ｌｏａｎ,               ｔｈｅｙ               ｇｅｔ               ｔｏ               ｋｅｅｐ               ｔｈｅ               ｍｏｎｅｙ,               ａｎｄ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               ｗｉｌｌ               ａｃｑｕｉｒｅ               ａｌｌ               ｔｈｅｉｒ               ｒｅｍａｉｎｉｎｇ               ｗｏｒｔｈｌｅｓｓ               ａｓｓｅｔｓ               ａｎｄ               ｔｈｅ               ｄｉｆｆｅｒｅｎｃｅ               ｗｉｌｌ               ｂｅ               ｃｈａｒｇｅｄ               ｏｆｆ               ｔｏ               ｔｈｅ               Ｕ.Ｓ.

ｇｏｖｅｒｎｍｅｎｔ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｔｈａｔ               ａｒｅ               ｉｎ               ｔｒｏｕｂｌｅ               ａｎｄ               ｎｅｅｄ               ＴＡＬＦ               ｍｏｎｅｙ               ｗｉｌｌ               ｇｅｔ               ｌｏａｎｓ               ａｔ               ｓｕｐｅｒ               ｌｏｗ               ｒａｔｅｓ,               ｒａｔｅｓ               ｙｏｕ               ａｎｄ               Ｉ               ｗｏｕｌｄ               ｎｅｖｅｒ               ｓｅｅ               ｅｖｅｎ               ｉｆ               ｗｅ               ｈａｄ               ａ               ｐｅｒｆｅｃｔ               ｃｒｅｄｉｔ               ｓｃｏｒｅ.

Ｔｈｅｙ               ｄｏ               ｔｈｉｓ               ｓｏ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｉｎｔｅｒｅｓｔ               ｓｔｉｌｌ               ｃｏｍｉｎｇ               ｉｎ               ｏｎ               ｔｈｅｉｒ               ｔｏｘｉｃ               ａｓｓｅｔ               ｂａｃｋ               ｓｅｃｕｒｉｔｉｅｓ               ｃａｎ               ｐａｙ               ｆｏｒ               ｔｈｅ               ｍｏｎｔｈｌｙ               ｌｏａｎ               ｃｏｓｔ               ｗｈｉｌｅ               ｒｅｔｕｒｎｉｎｇ               ｍａｒｇｉｎａｌ               ｐｒｏｆｉｔｓ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔｈａｔ               ｂｏｒｒｏｗｅｄ               ｔｈｅ               ｍｏｎｅｙ.

Ｉｆ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｄｏｎ'ｔ               ｐａｙ               ｂａｃｋ               ｔｈｉｓ               ｄｅｂｔ,               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               ｕｓｉｎｇ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｗｉｌｌ               ｐａｙ               ｔｈｅ               ｌｏａｎ               ｏｆｆ               ｆｏｒ               ｔｈｅｓｅ               ｕｎｓｃｒｕｐｕｌｏｕｓ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ.

Ｏｎ               ｔｏｐ               ｏｆ               ｔｈａｔ               ＢＮＹＭ               ｉｓ               ａ               ｇｌｏｂａｌ               ｂａｎｋ               ｔｈａｔ               ｗｉｌｌ               ｐｒｏｆｉｔ               ｔｈｒｏｕｇｈ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｆｅｅｓ               ａｎｄ               ｉｎｔｅｒｅｓｔ               ｏｎ               ａｌｌ               ｔｈｅｓｅ               ｌｏａｎｓ,               ｗｈｉｃｈ               ｍｅａｎｓ               ｗｅ               ｗｉｌｌ               ｂｅ               ｐａｙｉｎｇ               ｆｏｒｅｉｇｎ               ｉｎｔｅｒｅｓｔｓ               ｏｆｆ               ａｎｙｔｉｍｅ               ａ               ｃｏｍｐａｎｙ,               ｗｈｉｃｈ               ｉｓ               ｕｓｕａｌｌｙ               ａｌｓｏ               ａ               ｇｌｏｂａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｒｅｃｅｉｖｅｓ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｉｎ               ＴＡＬＦ               ｏｒ               ＴＡＲＰ               ｆｕｎｄｓ.
               Ｆｅｄｅｒａｌ               Ｆｕｎｄｓ               (Ｔａｒｇｅｔ)               Ｒａｔｅ:               Ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｔｈａｔ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｃｈａｒｇｅ               ｅａｃｈ               ｏｔｈｅｒ               ｆｏｒ               ｏｖｅｒｎｉｇｈｔ               ｌｏａｎｓ               ｏｆ               ｔｈｅｉｒ               ｍｏｎｅｔａｒｙ               ｒｅｓｅｒｖｅｓ.

Ａ               ｒｉｓｅ               ｉｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               ｆｕｎｄｓ               ｒａｔｅ               (ｃｏｍｐａｒｅｄ               ｗｉｔｈ               ｏｔｈｅｒ               ｓｈｏｒｔ-ｔｅｒｍ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ)               ｓｕｇｇｅｓｔｓ               ａ               ｔｉｇｈｔｅｎｉｎｇ               ｏｆ               ｍｏｎｅｔａｒｙ               ｐｏｌｉｃｙ,               ｗｈｅｒｅａｓ               ａ               ｆａｌｌ               ｓｕｇｇｅｓｔｓ               ａｎ               ｅａｓｉｎｇ.

Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｆｕｎｄｓ               Ｔａｒｇｅｔ               Ｒａｔｅ               ｉｓ               ａｎ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｇｏａｌ               ｓｅｔ               ｐｅｒｉｏｄｉｃａｌｌｙ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｏｐｅｎ               Ｍａｒｋｅｔ               Ｃｏｍｍｉｔｔｅｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｎｏｔｈｅｒ               ｃｌａｓｓｉｃ               ｅｘａｍｐｌｅ               ｏｆ               ｃｒｅａｔｉｎｇ               ｎｕｍｅｒｏｕｓ               ｎａｍｅｓ               ｔｏ               ｄｅｓｃｒｉｂｅ               ｏｎｅ               ｔｈｉｎｇ               ｉｎ               ａｎ               ａｔｔｅｍｐｔ               ｔｏ               ｃｒｅａｔｅ               ａｎ               ｉｌｌｕｓｉｏｎ               ｏｆ               ｓｅｐａｒａｔｉｏｎ               ａｎｄ               ｉｎｄｅｐｅｎｄｅｎｃｅ.

Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｏｐｅｎ               Ｍａｒｋｅｔ               Ｃｏｍｍｉｔｔｅｅ               ｉｓ               ｃｏｍｐｒｉｓｅｄ               ｏｆ               ｍｅｍｂｅｒｓ               ｆｒｏｍ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋｓ.

Ｔｈｅｒｅ               ｉｓ               ｎｏ               ｄｉｆｆｅｒｅｎｃｅ               ｂｅｔｗｅｅｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ａｎｄ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｏｐｅｎ               Ｍａｒｋｅｔ               Ｃｏｍｍｉｔｔｅｅ.

Ｆｕｒｔｈｅｒｍｏｒｅ               ｗｈｅｎ               ｔｈｅ               Ｆｅｄ.

ａｌｔｅｒｓ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｆｕｎｄｓ               Ｔａｒｇｅｔ               Ｒａｔｅ               ｔｈｅｙ               ｅｓｓｅｎｔｉａｌｌｙ               ｒｅｄｕｃｅ               ｏｒ               ｉｎｃｒｅａｓｅ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｍｏｎｅｙ               ａｎｄ               ｃｒｅｄｉｔ               ｉｎ               ｔｈｅ               ｓｙｓｔｅｍ.

Ｔｈｉｓ               ｉｓ               ｗｈｙ               ｗｅ               ｋｅｅｐ               ｈａｖｉｎｇ               ｂｕｂｂｌｅｓ               ａｎｄ               ｂｕｒｓｔｓ               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｓｅｅ               ｔｒｏｕｂｌｅ               ｏｒ               ｐｒｏｓｐｅｒｉｔｙ               ａｎｄ               ｏｖｅｒ               ｃｏｍｐｅｎｓａｔｅ               ｏｎｅ               ｗａｙ               ｏｒ               ａｎｏｔｈｅｒ               ｗｉｔｈ               ｔｈｅｉｒ               ｍｅｄｄｌｉｎｇ               ｏｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｆｕｎｄｓ               Ｒａｔｅ               -               ｏｎｅ               ｏｆ               ｔｈｅ               ｂｉｇｇｅｓｔ               ｆｌａｗｓ               ｉｎ               Ｋｅｙｎｅｓｉａｎ               ｅｃｏｎｏｍｉｃｓ.
               ＥＥＳＡ:               Ｅｍｅｒｇｅｎｃｙ               Ｅｃｏｎｏｍｉｃ               Ｓｔａｂｉｌｉｚａｔｉｏｎ               Ａｃｔ               ｏｆ               2008,               ａ               ｌａｗ               ｅｎａｃｔｅｄ               ｔｏ               ｒｅｓｐｏｎｓｅ               ｔｏ               ｔｈｅ               ｇｌｏｂａｌ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ.

Ｔｈｉｓ               ａｃｔ               ｃｒｅａｔｅｄ               ＴＡＲＰ               ａｎｄ               ａｕｔｈｏｒｉｚｅｄ               Ｔｒｅａｓｕｒｙ               ｔｏ               ｓｐｅｎｄ               ｕｐ               ｔｏ               $700               ｂｉｌｌｉｏｎ               ｔｏ               ｐｕｒｃｈａｓｅ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｃｏｎｇｒｅｓｓ               ｗｈｏ               ｈａｖｅ               ｈａｄ               ｔｈｅｉｒ               ｃａｍｐａｉｇｎｓ               ｈｅａｖｉｌｙ               ｆｉｎａｎｃｅｄ               ｂｙ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｅｃｔｏｒｓ               ｆｏｒ               ｔｈｅ               ｐａｓｔ               ｓｅｖｅｒａｌ               ｙｅａｒｓ,               ｇｏｔ               ｔｏｇｅｔｈｅｒ               ｔｏ               ｃｒｅａｔｅ               ａｎ               ｕｎｐｒｅｃｅｄｅｎｔｅｄ               ａｃｔ               ｔｏ               ｕｓｅ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｔｏ               ａｓｓｉｓｔ               ｄｏｍｅｓｔｉｃ               ａｎｄ               ｇｌｏｂａｌ               ｆｉｎａｎｃｉａｌ               ｅｎｔｉｔｉｅｓ.
               Ｔａｒｇｅｔｅｄ               Ｉｎｖｅｓｔｍｅｎｔ               Ｐｒｏｇｒａｍ               ｏｒ               ＴＩＰ:               Ａ               ｄｉｒｅｃｔ-ｉｎｖｅｓｔｍｅｎｔ               ｐｒｏｇｒａｍ               ｔｈｒｏｕｇｈ               ｗｈｉｃｈ               Ｔｒｅａｓｕｒｙ               ｃａｎ               ｉｎｖｅｓｔ               ｉｎ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｈｏｓｅ               ｆａｉｌｕｒｅ               ｗｏｕｌｄ               ｔｈｒｅａｔｅｎ               ｓｉｍｉｌａｒ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｎｄ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｉｎ               ｇｅｎｅｒａｌ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｅｖｅｎ               ｔｈｏｕｇｈ               Ｔｒｅａｓｕｒｙ               ａｌｒｅａｄｙ               ｈａｄ               ｕｎｐｒｅｃｅｄｅｎｔｅｄ               ｐｏｗｅｒｓ               ｂｅｓｔｏｗｅｄ               ｕｐｏｎ               ｈｉｍ               ｕｎｄｅｒ               ＴＡＲＰ,               ｈｅ               ｔｈｏｕｇｈｔ               ｉｔ               ｗａｓ               ｎｅｃｅｓｓａｒｙ               ｔｏ               ｃｒｅａｔｅ               ａ               ｓｉｄｅ               ｐｒｏｇｒａｍ               ｗｈｅｒｅ               ｈｅ               ａｌｏｎｅ               ｄｅｃｉｄｅｓ               ｗｈｉｃｈ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｉｌｌ               ｒｅｃｅｉｖｅ               ｄｉｒｅｃｔ-ｉｎｖｅｓｔｍｅｎｔｓ               ｎｏｔ               ｌｏａｎｓ               ｂｕｔ               ｉｎｖｅｓｔｍｅｎｔｓ.

Ｔｉｍｍｙ,               ｇｅｔ               ｙｏｕｒ               ｈａｎｄ               ｏｕｔ               ｏｆ               ｍｙ               ｐｏｃｋｅｔ!
               Ｆｉｎａｎｃｉａｌ               Ｓｔａｂｉｌｉｔｙ               Ｐｌａｎ               ｏｒ               ＦＳＰ:               Ａ               Ｄｅｐｔ.

ｏｆ               Ｔｒｅａｓｕｒｙ               ｐｌａｎ               ｔｏ               ｓｔａｂｉｌｉｚｅ               ａｎｄ               ｒｅｐａｉｒ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ,               ａｎｄ               ｓｕｐｐｏｒｔ               ｔｈｅ               ｆｌｏｗ               ｏｆ               ｃｒｅｄｉｔ               ｎｅｃｅｓｓａｒｙ               ｆｏｒ               ｅｃｏｎｏｍｉｃ               ｒｅｃｏｖｅｒｙ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｉｍｍｙ               Ｇ               ｉｎ               ａｌｌ               ｈｉｓ               ｇｒｅａｔ               ｗｉｓｄｏｍｓ               ａｎｄ               ｔｉｍｅ               ｓｐｅｎｔ               ａｔ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｗａｔｃｈｉｎｇ               ｔｈｉｓ               ｅｎｔｉｒｅ               ｍｅｌｔｄｏｗｎ               ｈａｐｐｅｎ               ｂｅｆｏｒｅ               ｈｉｓ               ｗｉｌｌｉｎｇ               ｅｙｅｓ               ｉｓ               ｎｏｗ               ｇｏｉｎｇ               ｔｏ               ｓｏｌｉｃｉｔｅｄ               ｔｈｅ               ｈｅｌｐ               ｏｆ               ｏｔｈｅｒ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｅｒｓ               ｔｈａｔ               ｃｒｅａｔｅｄ               ｔｈｅ               ｐｒｏｂｌｅｍ               ｔｏ               ｃｏｍｅ               ｕｐ               ｗｉｔｈ               ａ               ｐｌａｎ               ｔｏ               ｓｔａｂｉｌｉｚｅ               ａｎｄ               ｒｅｐａｉｒ               ｔｈｅｉｒ               ｍｅｓｓ               ｏｎ               ｏｕｒ               ｄｉｍｅ               ｓｏ               ｔｈｅｙ               ｃａｎ               ｄｏ               ｉｔ               ａｌｌ               ｏｖｅｒ               ａｇａｉｎ               ａｔ               ａ               ｌａｔｅｒ               ｔｉｍｅ.
               Ａｓｓｅｔ               Ｇｕａｒａｎｔｅｅ               Ｐｒｏｇｒａｍ               ｏｒ               ＡＧＰ:               Ａｎ               ｉｎｓｕｒａｎｃｅ-ｌｉｋｅ               ｐｒｏｇｒａｍ               ｗｈｉｃｈ               ａｌｌｏｗｓ               Ｔｒｅａｓｕｒｙ               ｔｏ               ａｓｓｕｍｅ               ａ               ｌｏｓｓ               ｐｏｓｉｔｉｏｎ               ｏｎ               ｃｅｒｔａｉｎ               ｔｒｏｕｂｌｅｄ               ａｓｓｅｔｓ               ｈｅｌｄ               ｂｙ               ｑｕａｌｉｆｙｉｎｇ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｒｅａｓｕｒｙ               ｉｓ               ｂｕｓｙ               ｃｒｅａｔｉｎｇ               ｅｖｅｒｙ               ｐｏｓｓｉｂｌｅ               ｐｒｏｇｒａｍ               ｕｎｄｅｒ               ｔｈｅ               ｓｕｎ               ｉｎ               ｏｒｄｅｒ               ｔｏ               ｂａｉｌ               ｏｕｔ               ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｎｏ               ｍａｔｔｅｒ               ｈｏｗ               ｆｒａｕｄｕｌｅｎｔ               ｏｒ               ｃｏｒｒｕｐｔ               ｔｈｅｉｒ               ｂｕｓｉｎｅｓｓ               ｉｓ.

Ｉｆ               Ｔｒｅａｓｕｒｙ               ｄｏｅｓｎ'ｔ               ｇｉｖｅ               ｙｏｕ               ＴＡＲＰ               ｆｕｎｄｓ,               ｉｔ               ｍａｙ               ｉｎｖｅｓｔ               ｔｈｒｏｕｇｈ               ＴＩＰ               ｏｒ               ＴＡＬＦ               ａｎｄ               ｉｆ               ｎｅｉｔｈｅｒ               ｈａｐｐｅｎｓ               ａｎｄ               ｙｏｕｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｓｔｉｌｌ               ｆａｉｌｓ               ｔｈｅｙ               ｗｉｌｌ               ｈｅｌｐ               ｙｏｕ               ｏｕｔ               ｔｈｒｏｕｇｈ               ＡＧＰ               -               ｉｆ               ｙｏｕ               ａｒｅ               ａ               ｗｏｒｋｉｎｇ               Ａｍｅｒｉｃａｎ               ａｎｄ               ｙｏｕ               ｄｏｎ'ｔ               ｐａｙ               ｙｏｕｒ               ｂｉｌｌｓ               ｏｒ               ｍａｄｅ               ｂａｄ               ｂｅｔｓ               ｔｈｅｒｅ               ａｒｅｎ'ｔ               ａｎｙ               ｐｒｏｇｒａｍｓ               ｆｏｒ               ｙｏｕ.
               Ｑｕａｌｉｆｙｉｎｇ               Ｆｉｎａｎｃｉａｌ               Ｉｎｓｔｉｔｕｔｉｏｎｓ               ｏｒ               ＱＦＩｓ:               Ｐｒｉｖａｔｅ               ａｎｄ               ｐｕｂｌｉｃ               Ｕ.Ｓ.

ｃｏｎｔｒｏｌｌｅｄ               ｂａｎｋｓ,               ｓａｖｉｎｇｓ               ａｓｓｏｃｉａｔｉｏｎｓ,               ｂａｎｋ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｉｅｓ,               ａｎｄ               ｃｅｒｔａｉｎ               ｓａｖｉｎｇｓ               ａｎｄ               ｌｏａｎ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｉｅｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｑｕａｌｉｆｙｉｎｇ               ａｓ               ｉｆ               Ｑｕａｌｉｆｙｉｎｇ               ｉｓ               ａ               ｃｏｎｃｒｅｔｅ               ｍｅａｎｉｎｇ               ｗｉｔｈ               ｒｉｇｉｄ               ｓｔｒｕｃｔｕｒｅｓ               ｏｆ               ｃｈｅｃｋｓ               ａｎｄ               ｂａｌａｎｃｅｓ.

Ｗｈｏ               ｉｓ               ｉｎ               ｃｈａｒｇｅ               ｏｆ               ｑｕａｌｉｆｙｉｎｇ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎｓ?

Ｗｈａｔ               ａｒｅ               ｔｈｅ               ｉｎｄｉｖｉｄｕａｌ               ｍｏｔｉｖｅｓ               ａｎｄ               ａｔｔａｃｈｍｅｎｔｓ               ｔｏ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｂｙ               ｔｈｏｓｅ               ｑｕａｌｉｆｙｉｎｇ               ｔｈｅｍ?

Ｗｈｏ               ｉｓ               ｋｅｅｐｉｎｇ               ｃｈｅｃｋｓ               ａｎｄ               ｂａｌａｎｃｅｓ               ｏｎ               ｔｈｅ               ｑｕａｌｉｆｉｅｒｓ?
               Ｔｉｅｒ               Ｏｎｅ               Ｃａｐｉｔａｌ               ｏｒ               Ｔ1:               Ｃｏｍｍｏｎ               Ｅｑｕｉｔｙ               +               Ｐｒｅｆｅｒｒｅｄ               Ｅｑｕｉｔｙ               +               Ｒｅｔａｉｎｅｄ               Ｅａｒｎｉｎｇｓ               -               Ｇｏｏｄｗｉｌｌ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｕｍｍ,               ｉｓ               ｔｈａｔ               ｒｅａｌｌｙ               ｔｈｅ               ｄｅｆｉｎｉｔｉｏｎ,               ｓｏｍｅ               ｅｑｕａｔｉｏｎ               ｗｈｅｒｅ               ｏｎｅ               ｏｆ               ｔｈｅ               ｖａｒｉａｂｌｅｓ               ｉｓ               Ｇｏｏｄｗｉｌｌ?

Ｇｏｏｄｗｉｌｌ               ｍｅａｎｉｎｇ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｔｅｒｍｓ,               ｔｈｅ               ｅｘｃｅｓｓ               ｏｆ               ｐｕｒｃｈａｓｅ               ｐｒｉｃｅ               ｏｖｅｒ               ｆａｉｒ               ｍａｒｋｅｔ               ｖａｌｕｅ               ｏｆ               ｎｅｔ               ａｓｓｅｔｓ               ａｃｑｕｉｒｅｄ               ｕｎｄｅｒ               ｔｈｅ               ｐｕｒｃｈａｓｅ               ｍｅｔｈｏｄ               ｏｆ               ａｃｃｏｕｎｔｉｎｇ.

Ｔ1               ｉｓ               ａｌｓｏ               ｋｎｏｗｎ               ａｓ               "ｃｏｒｅ               ｃａｐｉｔａｌ"               ｔｈａｔ               ｉｓ               ｕｓｅｄ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｔｈｅ               ｓｔｒｅｎｇｔｈ               ｏｆ               ａ               ｂａｎｋ               ｏｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ａｎｄ               ｔｈａｔ               ｓｕｐｐｏｓｅ               ｔｏ               ｍｅａｓｕｒｅ               ｔｈｅ               ｂａｎｋ'ｓ               ａｂｉｌｉｔｙ               ｔｏ               ｐａｙ               ｏｆｆ               ｄｅｐｏｓｉｔｏｒ'ｓ               ｄｅｍａｎｄｓ               ｗｈｉｌｅ               ｓｕｓｔａｉｎｉｎｇ               ｆｕｔｕｒｅ               ｌｏｓｓｅｓ               ｉｎ               ａ               ｂｕｎｋｙ               ｅｃｏｎｏｍｙ.

Ｔ1               ｗａｓ               ｃｒｅａｔｅｄ               ｂｙ               ｔｈｅ               "Ｂａｓｅｌ               ＩＩ               Ａｃｃｏｒｄ"               ｗｈｉｃｈ               Ｉ               ｓｕｇｇｅｓｔ               ｙｏｕ               ａｌｌ               ｒｅｓｅａｒｃｈ               ｉｎｔｏ               ａｓ               ｉｔ'ｓ               ａ               ｇｌｏｂａｌ               ｃａｒｔｅｌ               ｏｆ               ｂａｎｋｅｒｓ               ｓｕｐｐｏｓｅｄｌｙ               ｒｅｇｕｌａｔｉｎｇ               ｂａｎｋｉｎｇ,               ｙｏｕ               ｃａｎ               ｆｉｇｕｒｅ               ｏｕｔ               ｈｏｗ               ｗｅｌｌ               ｔｈａｔ'ｓ               ｗｏｒｋｉｎｇ.

Ｓｏ               ａｎｙｗａｙ               Ｔ1               ｃａｐｉｔａｌ               ｉｓ               ｐｒｅｔｔｙ               ｍｕｃｈ               ｎｏｎｓｅｎｓｅ               ｓｉｎｃｅ               ｉｔ               ｃａｎ               ｂｅ               ｍａｎｉｐｕｌａｔｅｄ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｏｒ               ａｎｙ               ｇｏｖｅｒｎｍｅｎｔ               ｐｕｒｃｈａｓｉｎｇ               ｍａｓｓｉｖｅ               ｐｒｅｆｅｒｒｅｄ               ｓｈａｒｅｓ               ｆｒｏｍ               ａ               ｂａｎｋ               ｏｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｃｒｅａｔｉｎｇ               ａ               ｆａｌｓｅ               ｒｅａｄｉｎｇ               ｏｆ               ｔｈｅ               ｈｅａｌｔｈ               ｏｆ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎｓ.
               Ｔａｎｇｉｂｌｅ               Ｃｏｍｍｏｎ               Ｅｑｕｉｔｙ               ｏｒ               ＴＣＥ:               Ｃｏｍｍｏｎ               Ｅｑｕｉｔｙ               -               Ｉｎｔａｎｇｉｂｌｅ               Ａｓｓｅｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｇａｉｎ               ａｎｏｔｈｅｒ               ｅｑｕａｔｉｏｎ               ｆｒｏｍ               ｂａｎｋｅｒｓ               ｔｏ               ｍｕｃｋ               ｕｐ               ｍａｋｉｎｇ-ｓｅｎｓｅ               ｏｆ               ａｎｙｔｈｉｎｇ.

ＴＣＥ               ｉｓ               ｓｕｐｐｏｓｅｄｌｙ               ｔｈｅ               ｍｏｒｅ               ｃｏｎｓｅｒｖａｔｉｖｅ               ｍｅａｓｕｒｅ               ｏｆ               ｃａｐｉｔａｌ               ａｄｅｑｕａｃｙ               ｏｆ               ａ               ｂａｎｋ               ｏｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ.

Ｂａｓｉｃａｌｌｙ               ｉｔ'ｓ               ａ               ｍｅａｓｕｒｅ               ｏｆ               ｗｈａｔ               ｔｈｅ               ｂａｎｋｓ               ｏｒ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｏｕｌｄ               ｈａｖｅ               ｌｅｆｔ               ａｆｔｅｒ               ｄｉｓｓｏｌｖｉｎｇ               ａｌｌ               ｃｒｅｄｉｔｏｒｓ               ａｎｄ               ｈｉｇｈｅｒ               ｌｅｖｅｌｓ               ｏｆ               ｓｔｏｃｋ.

ＴＣＥ               ｉｓ               ｓｕｐｐｏｓｅ               ｔｏ               ｇｉｖｅ               ｕｓ               ａ               ｍｏｒｅ               "ｒｅａｌ"               ｌｏｏｋ               ａｔ               ｔｈｅ               ｓｏｌｖｅｎｃｙ               ｏｆ               ａ               ｂａｎｋ,               ｂｕｔ               ｉｔ               ｄｏｅｓｎ'ｔ               ｉｎｃｌｕｄｅ               Ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｉｎ               ｉｔｓ               ｅｑｕａｔｉｏｎ.
               Ｃｒｅｄｉｔ               Ｐｒｏｔｅｃｔｉｏｎ:               Ｓｅｃｕｒｉｔｙ               ａｇａｉｎｓｔ               ｌｏｓｓｅｓ               ｏｎ               ａｎ               ｉｎｖｅｓｔｍｅｎｔ.

Ｆｏｒ               ＴＡＬＦ               ｐｕｒｐｏｓｅｓ,               ＴＡＲＰ               ｆｕｎｄｉｎｇ               ｉｓ               ｕｓｅｄ               ａｓ               ｃｒｅｄｉｔ               ｐｒｏｔｅｃｔｉｏｎ               ｏｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｌｏａｎｓ               (ｉ.ｅ.,               ｌｏｓｓｅｓ               ｏｎ               ｔｈｅ               ｌｏａｎｓ               ａｒｅ               ａｂｓｏｒｂｅｄ               ｂｙ               ＴＡＲＰ               ｆｕｎｄｓ               ｕｐ               ｔｏ               ｔｈｅ               ｃｏｍｍｉｔｍｅｎｔ               ａｍｏｕｎｔ.)
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｗｈｅｎ               ｙｏｕ               ａｎｄ               Ｉ               ａｒｅ               ｏｆｆｅｒｅｄ               ｃｒｅｄｉｔ               ｐｒｏｔｅｃｔｉｏｎ               ｗｅ               ａｒｅ               ｃｈａｒｇｅｄ               ｆｏｒ               ｉｔ               ａｎｄ               ｉｔ               ｕｓｕａｌｌｙ               ｃｏｖｅｒｓ               ｕｓ               ｏｎ               ａ               ｆｅｗ               ｍｉｓｓｅｄ               ｍｏｎｔｈｌｙ               ｐａｙｍｅｎｔｓ.

Ｓｉｎｃｅ               ｏｕｒ               ｂｅｎｅｖｏｌｅｎｔ               ｇｏｖｅｒｎｍｅｎｔ               ｈａｓ               ｄｅｃｉｄｅｄ               ｔｏ               ｒａｉｓｅ               ｂａｓｔａｒｄｉｚｅｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｉｔｈ               ｏｕｒ               ｈａｒｄ               ｅａｒｎｅｄ               ｔａｘ               ｄｏｌｌａｒｓ,               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ,               ｉ               ｆ               ｔｈｅｙ               ｃｈｏｏｓｅ               ｃａｎ               ｍａｋｅ               ｌｏａｎｓ               ｔｏ               ａｎ               ｉｎｓｔｉｔｕｔｉｏｎ               ｆｏｒ               $100               ｍｉｌｌｉｏｎ;               ａｎｄ               ｉｆ               ｔｈａｔ               ｉｎｓｔｉｔｕｔｉｏｎ               ｄｏｅｓｎ'ｔ               ｐａｙ               ｉｔ               ｂａｃｋ               ｗｅ               ｔｈｅ               ｔａｘ               ｐａｙｅｒｓ               ｗｉｌｌ               ｃｏｖｅｒ               ｔｈｅ               ｆｕｌｌ               ａｍｏｕｎｔ               ｌｅｎｔ               ｏｕｔ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｗｈｏ               ｉｓｎ'ｔ               ａ               ｆｕｌｌｙ               ｆｅｄｅｒａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔｏ               ｂｅｇｉｎ               ｗｉｔｈ.

Ｓｏ               ｎｏｔ               ｏｎｌｙ               ｉｓ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｃｈａｒｇｉｎｇ               ｕｓ               ｉｎｔｅｒｅｓｔ               ｏｎ               ｔｈｅ               ｍｏｎｅｙ               ｗｅ               ａｌｌｏｗ               ｔｈｅｍ               ｔｏ               ｐｒｉｎｔ               ｆｏｒ               ｕｓ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｅｏｐｌｅ,               ｗｅ               ａｒｅ               ｏｎ               ｔｈｅ               ｈｏｏｋ               ｆｏｒ               ａｎｙ               ｂａｄ               ｌｏａｎｓ               ｔｈｅｙ               ｍａｋｅ               ｔｏ               ｔｏｘｉｃ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               -               ｔｈａｔ'ｓ               ｓｏｍｅ               ｃｒｅｄｉｔ               ｐｒｏｔｅｃｔｉｏｎ!
               Ｃｏｎｖｅｒｔｉｂｌｅ               Ｐｒｅｆｅｒｒｅｄ:               Ａ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｔｈａｔ               ｉｓ               ｃｏｎｖｅｒｔｉｂｌｅ               ｉｎｔｏ               ｃｏｍｍｏｎ               ｓｔｏｃｋ.

Ｉｎ               ｔｈｅ               ｃｏｎｔｅｘｔ               ｏｆ               ＣＡＰ,               ｔｈｅ               ｃｏｎｖｅｒｓｉｏｎ               ｉｓ               ａｔ               ｔｈｅ               ｏｐｔｉｏｎ               ｏｆ               ｔｈｅ               Ｑｕａｌｉｆｙｉｎｇ               Ｆｉｎａｎｃｉａｌ               Ｉｎｓｔｉｔｕｔｉｏｎ               ｕｎｔｉｌ               ｙｅａｒ               ｓｅｖｅｎ               ｗｈｅｎ               ｉｔ               ｂｅｃｏｍｅｓ               ｍａｎｄａｔｏｒｙ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｉｓ               ｉｓ               ａｎｏｔｈｅｒ               ｃｌａｓｓｉｃ               ｅｘａｍｐｌｅ               ｗｈｙ               ｏｕｒ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ               ｄｏｅｓ               ｎｏｔ               ｗｏｒｋ               ｆｏｒ               ｔｈｅ               ｍａｊｏｒｉｔｙ               ｏｆ               Ａｍｅｒｉｃａｎ               ｃｉｔｉｚｅｎｓ,               ｔｈｏｓｅ               ｉｎ               ｃｈａｒｇｅ               ｓｅｔ               ｕｐ               ｆａｖｏｒａｂｌｅ               ｃｏｎｄｉｔｉｏｎｓ               ｆｏｒ               ｂａｎｋｓ               ａｎｄ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｔ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｔｈｅ               ｔａｘｐａｙｅｒｓ               ａｎｄ               ｅｖｅｒｙｄａｙ               ｃｏｎｓｕｍｅｒｓ.

Ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｗｈｏ               ｒｅｃｅｉｖｅｄ               ｇｏｖｅｒｎｍｅｎｔ               ｂａｉｌｏｕｔ               ｍｏｎｅｙ               ｉｎ               ｔｈｅ               ｆｏｒｍ               ｏｆ               ｃｏｍｍｏｎ               ｓｈａｒｅｓ               ａｒｅ               ｒｅｑｕｉｒｅｄ               ｔｏ               ｐａｙ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｄｉｖｉｄｅｎｄｓ,               ｓｏ               ｉｆ               ｔｈｅｙ               ｃｏｎｖｅｒｔ               ｔｈｅｉｒ               ｃｏｍｍｏｎ               ｓｈａｒｅｓ               ｓｏｌｄ               ｔｏ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｗｉｔｈ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ               ｔｏ               ｃｏｎｖｅｒｔｉｂｌｅ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ,               ｔｈｅｙ               ｎｏ               ｌｏｎｇｅｒ               ｈａｖｅ               ｔｏ               ｐａｙ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｄｉｖｉｄｅｎｄｓ               ａｎｄ               ｔｈｅ               ｒｉｓｋ               ｗｉｌｌ               ｂｅ               ｐｕｔ               ｏｎ               ｔｈｅ               ｔａｘｐａｙｅｒ               ｉｆ               ｔｈｅ               ｉｎｓｔｉｔｕｔｉｏｎ               ｆａｉｌｓ.
               Ｓｅｎｉｏｒ               Ｐｒｅｆｅｒｒｅｄ               Ｓｔｏｃｋ:               Ｓｈａｒｅｓ               ｔｈａｔ               ｇｉｖｅ               ｔｈｅ               ｓｔｏｃｋｈｏｌｄｅｒ               ｐｒｉｏｒｉｔｙ               ｄｉｖｉｄｅｎｄ               ａｎｄ               ｌｉｑｕｉｄａｔｉｏｎ               ｃｌａｉｍｓ               ｏｖｅｒ               ｊｕｎｉｏｒ               ｐｒｅｆｅｒｒｅｄ               ａｎｄ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ａｎｏｔｈｅｒ               ｗａｙ               ｆｏｒ               ｔｈｅ               ｉｎ-ｃｒｏｗｄ               ｔｏ               ｒｅｃｅｉｖｅｓ               ｐｒｅｆｅｒｅｎｔｉａｌ               ｔｒｅａｔｍｅｎｔ               ｏｖｅｒ               ｔｈｅ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒ.
               Ｎｏｎ-Ｃｕｍｕｌａｔｉｖｅ               Ｐｒｅｆｅｒｒｅｄ               Ｓｈａｒｅｓ:               Ｓｈａｒｅｓ               ｗｈｅｒｅ               ｕｎｐａｉｄ               ｄｉｖｉｄｅｎｄｓ               ｄｏ               ｎｏｔ               ａｃｃｕｒｅ               ｗｈｅｎ               ａ               ｃｏｍｐａｎｙ               ｄｏｅｓ               ｎｏｔ               ｍａｋｅ               ａ               ｄｉｖｉｄｅｎｄ               ｐａｙｍｅｎｔ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｗｅｌｌ               ｆｏｒ               ｔｈｏｓｅ               ｏｆ               ｕｓ               ｔｈａｔ               ｈａｖｅ               ｎｏ               ｉｄｅａ               ｗｈａｔ               ａｃｃｕｒｅ               ｍｅａｎｓ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｌｉｎｇｏ               ｗｅ'ｌｌ               ｓｔａｒｔ               ｔｈｅｒｅ.

Ａｃｃｕｒｅｄ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｔｅｒｍｓ               ｍｅａｎｓ               ｔｏ               ｃａｒｒｙ               ｏｖｅｒ,               ｓｏ               ｉｆ               ｙｏｕ               ｈａｄ               ａ               ｎｏｎ-ｃｕｍｕｌａｔｉｖｅ               ｓｈａｒｅ               ｉｎ               Ｃｏｍｐａｎｙ               Ａ,               ａｎｄ               ｔｈｅｙ               ｄｉｄｎ'ｔ               ｐａｙ               ｙｏｕ               ｄｉｖｉｄｅｎｄｓ               ｅｖｅｎ               ｔｈｏｕｇｈ               ｙｏｕ               ｓｈｏｕｌｄ               ｈａｖｅ               ｒｅｃｅｉｖｅｄ               ｔｈｅｍ,               ｙｏｕ               ｃａｎｎｏｔ               ｓｕｅ               Ｃｏｍｐａｎｙ               Ａ               ａｔ               ａ               ｌａｔｅｒ               ｔｉｍｅ               ｆｏｒ               ｓａｉｄ               ｄｉｖｉｄｅｎｄｓ.

Ｗｈｙ               ａｎｙｏｎｅ               ｗｏｕｌｄ               ｗａｎｔ               ｎｏｎ-ｃｕｍｕｌａｔｉｖｅ               ｐｒｅｆｅｒｒｅｄ               ｓｈａｒｅｓ               ｉｓ               ｕｎｋｎｏｗｎ               ｔｏ               ｍｅ.
               Ｂａｎｋ               Ｈｏｌｄｉｎｇ               Ｃｏｍｐａｎｙ               ｏｒ               ＢＨＣ:               Ａ               ｃｏｍｐａｎｙ               ｔｈａｔ               ｃｏｎｔｒｏｌｓ               ａ               ｂａｎｋ.

Ｔｙｐｉｃａｌｌｙ,               ａ               ｃｏｍｐａｎｙ               ｃｏｎｔｒｏｌｓ               ａ               ｂａｎｋ               ｔｈｒｏｕｇｈ               ｔｈｅ               ｏｗｎｅｒｓｈｉｐ               ｏｆ               25%               ｏｒ               ｍｏｒｅ               ｏｆ               ｉｔｓ               ｖｏｔｉｎｇ               ｓｅｃｕｒｉｔｉｅｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｉ               ｌｏｖｅ               ｔｈｉｓ               ｄｅｆｉｎｉｔｉｏｎ               ｔｈｅｙ               ｒｅｆｅｒ               ｔｏ               ａ               ｂａｎｋ               ａｓ               ｉｆ               ｉｔ'ｓ               ａｎ               ｉｎｄｉｖｉｄｕａｌ               ｅｎｔｉｔｙ               ａｎｄ               ｎｏｔ               ａ               ｃｏｍｐａｎｙ               ｊｕｓｔ               ｌｉｋｅ               ｔｈｅ               ｃｏｍｐａｎｙ               ｔｈａｔ               ｃｏｎｔｒｏｌｓ               ｔｈｅｍ.
               Ｓａｖｉｎｇｓ               ａｎｄ               Ｌｏａｎ               Ｈｏｌｄｉｎｇ               Ｃｏｍｐａｎｙ               ｏｒ               ＳＬＨＣ:               Ａ               ｃｏｍｐａｎｙ               (ｏｔｈｅｒ               ｔｈａｎ               ａ               ＢＨＣ)               ｔｈａｔ               ｃｏｎｔｒｏｌｓ               ａ               ｓａｖｉｎｇｓ               ａｓｓｏｃｉａｔｉｏｎ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｒｏｕｇｈ               ｎｕｍｅｒｏｕｓ               ｄｅｒｅｇｕｌａｔｉｏｎｓ               ａｎｄ               ｔｈｅ               ａｌｌｏｗａｎｃｅ               ｆｏｒ               ｆｉｎａｎｃｉａｌ               ｓｅｒｖｉｃｅ               ｃｏｍｐａｎｉｅｓ               ｔｏ               ｍｅｒｇｅ               ｗｉｔｈ               ｏｔｈｅｒ               ｉｎｖｅｓｔｍｅｎｔ               ｃｏｍｐａｎｉｅｓ               ａｎｄ               ｉｎｓｕｒａｎｃｅ               ｃｏｍｐａｎｉｅｓ               ｔｏ               ｃｒｅａｔｅ               ｂａｎｋｓ               ｔｈａｔ               ａｒｅｎ'ｔ               ｓｐｅｃｉａｌ               ｉｎ               ａｎｙ               ｗａｙ               ａｎｄ               ｉｎ               ｆａｃｔ               ｈａｖｅ               ｔｈｒｏｗｎ               ｏｕｔ               ｔｈｅ               ｉｄｅａ               ｏｆ               ｓａｆｅｔｙ               ａｎｄ               ｓｏｕｎｄｎｅｓｓ               ｉｎ               ｔｈｅｉｒ               ｌｅｎｄｉｎｇ               ｐｒａｃｔｉｃｅｓ.

Ｂｅｃａｕｓｅ               ｔｈｅ               ｉｌｌｕｓｉｏｎ               ｏｆ               ｓｅｐａｒａｔｉｏｎ               ｉｓ               ｒｅｑｕｉｒｅｄ               ｗｅ               ｈａｖｅ               ｔｈｅ               ＳＬＨＣ               ｔｅｒｍ,               ｂｕｔ               ｙｏｕ               ｃａｎ               ｌｏｏｋ               ａｔ               ｂｏｔｈ               ＢＨＣ'ｓ               ａｎｄ               ＳＬＨＣ'ｓ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｍａｎｏｒ.
               Ｒｉｎｇ-ｆｅｎｃｉｎｇ:               Ｓｅｇｒｅｇａｔｉｎｇ               ａｓｓｅｔｓ               ｆｒｏｍ               ｔｈｅ               ｒｅｓｔ               ｏｆ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ,               ｏｆｔｅｎ               ｓｏ               ｔｈａｔ               ｔｈｅ               ａｓｓｅｔｓ'               ｐｒｏｂｌｅｍｓ               ｃａｎ               ｂｅ               ａｄｄｒｅｓｓｅｄ               ｉｎ               ｉｓｏｌａｔｉｏｎ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｉｓ               ｉｓ               ｂｕｌｌ               ｄｏｏ               ｄｏｏ!

Ｒｉｎｇ-ｆｅｎｃｉｎｇ               ｉｓ               ａｎｏｔｈｅｒ               ｔｅｒｍ               ｕｓｅｄ               ｔｏ               ｅｘｐｌａｉｎ               "ｂａｄ               ｂａｎｋｓ"               -               ｓｉｎｃｅ               ｙｏｕ               ａｎｄ               Ｉ,               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｕｂｌｉｃ,               ｄｉｄｎ'ｔ               ｌｉｋｅ               ｔｈｅ               ｔｅｒｍ               "ｂａｄ               ｂａｎｋ"               ａｎｄ               ｗｅ               ａｒｅ               ｐｅｒｃｅｉｖｅｄ               ｔｏ               ｂｅ               ｔｏｏ               ｓｔｕｐｉｄ               ｔｏ               ｕｎｄｅｒｓｔａｎｄ               ｔｈａｔ               ｒｉｎｇ-ｆｅｎｃｉｎｇ               ｉｓ               ｊｕｓｔ               ｔｈａｔ               ｓａｍｅ               ｔｈｉｎｇ               ａｓ               ｃｒｅａｔｉｎｇ               ａ               "Ｂａｄ               Ｂａｎｋ"               (ｓｅｅ               ｄｅｆｉｎｉｔｉｏｎ               ａｂｏｖｅ),               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｈａｓ               ｄｅｃｉｄｅｄ               ｔｏ               ｕｓｅ               ｔｈｅ               ｍｏｒｅ               ｇｅｎｔｌｅ               ｔｅｒｍ,               ｒｉｎｇ-ｆｅｎｃｉｎｇ               ｉｎｓｔｅａｄ.
               Ｅｘｃｈａｎｇｅ:               Ｉｎ               ｒｅｆｅｒｅｎｃｅ               ｔｏ               Ｃｉｔｉｇｒｏｕｐ               ａｇｒｅｅｍｅｎｔ,               ｔａｋｉｎｇ               ｏｎｅ               ｔｙｐｅ               ｏｆ               ｓｔｏｃｋ               (ｉ.ｅ.

ｐｒｅｆｅｒｒｅｄ)               ａｎｄ               ｃｏｎｖｅｒｔｉｎｇ               ｉｔ               ａｔ               ａ               ｓｐｅｃｉｆｉｃ               ｒａｔｅ               ｔｏ               ａｎｏｔｈｅｒ               ｔｙｐｅ               ｏｆ               ｓｔｏｃｋ               (ｉ.ｅ.,               ｃｏｍｍｏｎ).
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｃｉｔｉｇｒｏｕｐ               ｔａｋｉｎｇ               ｔｈｅｉｒ               ｒｉｓｋ               ａｎｄ               ｃｏｎｖｅｒｔｉｎｇ               ｉｔ               ｔｏ               ｔａｘ               ｐａｙｅｒ               ｒｉｓｋ,               ｅｎｄ               ｅｑｕａｔｉｏｎ,               ｗｅ               ｇｅｔ               ｓｔｕｃｋ               ｆｏｒ               ｔｈｅ               ｂｉｌｌ,               Ｃｉｔｉｇｒｏｕｐ               ｍａｋｅｓ               ｂｉｌｌｉｏｎｓ.
               Ｃｏｖｅｒｅｄ               Ａｓｓｅｔ:               Ａｎ               ａｓｓｅｔ               ｏｗｎｅｄ               ｂｙ               Ｃｉｔｉｇｒｏｕｐ               ｏｒ               ａｎｙ               ｏｆ               ｉｔｓ               ｓｕｂｓｉｄｉａｒｉｅｓ               ｔｈａｔ               ｉｓ               ｉｎｃｌｕｄｅｄ               ｉｎ               ｔｈｅ               ｒｉｎｇ-ｆｅｎｃｅ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｃｏｍｐａｎｉｅｓ               ｈａｖｅ               ｔｏｘｉｃ               ａｓｓｅｔｓ,               ｗｈｉｃｈ               ａｒｅ               ａｌｓｏ               ｋｎｏｗｎ               ａｓ               ａ               ｃｏｖｅｒｅｄ               ａｓｓｅｔ               ｔｈａｔ               ｈａｓ               ｂｅｅｎ               ｍｏｖｅｄ               ｔｏ               ａｎ               ｉｍａｇｉｎａｒｙ               "ｂａｄ               ｂａｎｋ"               ｏｒ               ｈａｓ               ｂｅｅｎ               ｒｉｎｇ-ｆｅｎｃｅｄ               ｏｎ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｂａｌａｎｃｅ               ｓｈｅｅｔｓ.

Ｒｅｄｕｎｄａｎｔ               ｗｏｒｄｓ               ｔｏ               ｅｘｐｌａｉｎ               ｖｅｒｙ               ｓｉｍｐｌｅ               ｓｃａｍｓ               ｓｅｅｍ               ｌｉｋｅ               ａｌｌ               ｔｈｅｓｅ               ｅｘｐｅｒｔｓ               ａｒｅ               ｇｏｏｄ               ａｔ               ｄｏｉｎｇ.
               Ｎｏｎ-Ｒｅｃｏｕｒｓｅ               Ｌｏａｎ:               Ａ               ｓｅｃｕｒｅｄ               ｌｏａｎ               ｗｈｅｒｅｂｙ               ｔｈｅ               ｂｏｒｒｏｗｅｒ               ｉｓ               ｒｅｌｉｅｖｅｄ               ｏｆ               ｔｈｅ               ｏｂｌｉｇａｔｉｏｎ               ｔｏ               ｒｅｐａｙ               ｔｈｅ               ｌｏａｎ               ｕｐｏｎ               ｔｈｅ               ｓｕｒｒｅｎｄｅｒ               ｏｆ               ｔｈｅ               ｃｏｌｌａｔｅｒａｌ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｏｎｃｅ               ａｇａｉｎ               ｏｕｒ               ｂｅｎｅｖｏｌｅｎｔ               ｇｏｖｅｒｎｍｅｎｔ               ｒａｎ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｉｓ               ｑｕｉｃｋ               ｔｏ               ｃｕｄｄｌｅ               ｏｎｅ               ｏｆ               ｔｈｅｉｒ               ｆａｉｌｉｎｇ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｎｄ               ｗｉｌｌ               ｌｏａｎ               ｔｈｅｓｅ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｍｏｎｅｙ               ｔｏ               ｐａｙ               ｏｆｆ               ｔｈｅｉｒ               ｔｏｘｉｃ               ａｓｓｅｔｓ               ｔｈａｔ               ｈａｖｅ               ｎｏｗ               ｂｅｃｏｍｅ               ｃｏｖｅｒｅｄ               ａｓｓｅｔｓ.

Ｉｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｓｔｉｌｌ               ｃａｎ'ｔ               ｐａｙ               ｂａｃｋ               ｔｈｅ               ｇｏｖｅｒｎｍｅｎｔ               ｏｎ               ｔｈｉｓ               ｎｏｎ-ｒｅｃｏｕｒｓｅ               ｌｏａｎ               ｔｈｅｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｗｉｌｌ               ａｂｓｏｒｂ               90%               ｏｆ               ｔｈｅ               ｌｏａｎ               ｔｏ               ｈｅｌｐ               ｐａｙ               ｉｔ               ｏｆｆ               ｕｐ               ｔｏ               $10               ｂｉｌｌｉｏｎ               ｄｏｌｌａｒｓ               ｗｉｔｈ               ｏｕｒ               ｔａｘ               ｄｏｌｌａｒｓ.
               Ｓｅｎｉｏｒ               Ｏｖｅｒｓｉｇｈｔ               Ｃｏｍｍｉｔｔｅｅ               ("ＳＯＣ"):               Ｃｏｎｓｉｓｔｓ               ｏｆ               Ｃｉｔｉｇｒｏｕｐ'ｓ               Ｃｈｉｅｆ               Ｆｉｎａｎｃｉａｌ               Ｏｆｆｉｃｅｒ,               Ｃｈｉｅｆ               Ｒｉｓｋ               Ｏｆｆｉｃｅｒ,               Ｇｅｎｅｒａｌ               Ｃｏｕｎｓｅｌ,               Ｃｏｎｔｒｏｌｌｅｒ,               Ｃｈｉｅｆ               Ａｃｃｏｕｎｔｉｎｇ               Ｏｆｆｉｃｅｒ,               ａｎｄ               ｔｈｅ               Ｔｒｅａｓｕｒｅｒ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅ               ｓａｍｅ               ｆｏｌｋｓ               ｗｈｏ               ｃａｍｅ               ｕｐ               ｗｉｔｈ               ｔｈｅｓｅ               ｓｏｐｈｉｓｔｉｃａｔｅｄ               ａｎｄ               ｃｏｍｐｌｅｘ               ｆｉｎａｎｃｉａｌ               ｔｏｏｌｓ               ｔｈａｔ               ｂｒｏｕｇｈｔ               ｄｏｗｎ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｗｉｔｈ               ｔｈｅ               ｈｅｌｐ               ｏｆ               ｔｈｏｓｅ               ｗｈｏ               ｏｖｅｒｓａｗ               ａｎｄ               ｗｅｒｅ               ｓｕｐｐｏｓｅ               ｔｏ               ｒｅｇｕｌａｔｅ               ｉｔ               (Ｔｉｍｏｔｈｙ               Ｇｅｉｔｈｎｅｒ               ｈｅａｄ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               2000-2006)               ａｒｅ               ｎｏｗ               ｇｏｉｎｇ               ｔｏ               ｐｕｔ               ｏｎ               ｔｈｅｉｒ               ｓｅｒｉｏｕｓ               ｆａｃｅｓ               ａｎｄ               ｔｈｉｎｋｉｎｇ               ｃａｐｓ               ａｎｄ               ｍａｋｅ               ｓｕｒｅ               ｎｏｔｈｉｎｇ               ｌｉｋｅ               ｔｈｉｓ               ｅｖｅｒ               ｈａｐｐｅｎｓ               ａｇａｉｎ               -               ｏｒ               ａｔ               ｌｅａｓｔ               ｆｏｒ               ａｎｏｔｈｅｒ               10-15               ｙｅａｒｓ               ｌｉｋｅ               ｉｔ               ａｌｗａｙｓ               ｗｉｌｌ               ｉｎ               ａ               ｄｅｂｔ               ｓｌａｖｅｒｙ               ｅｃｏｎｏｍｙ.
               Ｄｅｒｉｖａｔｉｖｅ               Ａｓｓｅｔ:               Ａｎ               ａｓｓｅｔ               ｗｈｏｓｅ               ｓｔａｔｅｄ               ｖａｌｕｅ               ｏｒ               ｃａｓｈ               ｆｌｏｗ               ｉｓ               ｄｅｔｅｒｍｉｎｅｄ               ｂｙ               ｒｅｆｅｒｅｎｃｅ               ｔｏ               ｔｈｅ               ｖａｌｕｅ               ｏｒ               ｃａｓｈ               ｆｌｏｗ               ｏｆ               ａｎｏｔｈｅｒ               ａｓｓｅｔ               (ｔｈｅ               "ｕｎｄｅｒｌｙｉｎｇ               ａｓｓｅｔ").
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｌｅｔ'ｓ               ｓａｙ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｍａｋｅｓ               ａ               ｂｅｔ               ｆｏｒ               $50               ｔｈａｔ               ｙｏｕ               ｗｉｌｌ               ｆａｉｌ               ｏｎ               ｙｏｕｒ               ｍｏｒｔｇａｇｅ               ｏｖｅｒ               ｔｈｅ               ｎｅｘｔ               5               ｙｅａｒｓ.

Ｔｈｅ               ｕｎｄｅｒｌｙｉｎｇ               ａｓｓｅｔ               ｂｅｉｎｇ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｌｏａｎ               ａｎｄ               ｔｈｅ               ｄｅｒｉｖａｔｉｖｅ               ａｓｓｅｔ               ｂｅｉｎｇ               ｈｏｗ               ｍｕｃｈ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｉｓ               ｇｏｉｎｇ               ｔｏ               ｗｉｎ               ｉｆ               ｔｈｅ               ｂｅｔ               ｃｏｍｅｓ               ｉｎ               ａｎｄ               ｙｏｕ               ｄｅｆａｕｌｔ               ｏｎ               ｙｏｕｒ               ｍｏｒｔｇａｇｅ.
               Ｓｅｃｏｎｄ               Ｌｉｅｎ               Ｄｅｂｔ:               Ｉｓ               ｓｕｂｏｒｄｉｎａｔｅ               ｔｏ               ａ               ｓｅｎｉｏｒ               ｃｌａｉｍ               ｏｎ               ｔｈｅ               ｓａｍｅ               ｃｏｌｌａｔｅｒａｌ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅ               ａｂｏｖｅ               ｄｅｆｉｎｉｔｉｏｎ               ｉｓ               ｏｎｃｅ               ａｇａｉｎ               ｉｎａｄｅｑｕａｔｅ               ｔｏ               ｓａｙ               ｔｈｅ               ｌｅａｓｔ.

Ａ               ｓｅｃｏｎｄ               ｌｉｅｎ               ｄｅｂｔ               ｉｓ               ａｌｌ               ｔｈｅ               ｌｏａｎｓ               ｃｒｅａｔｅｄ               ｏｆｆ               ａ               ｌｏａｎ               ｙｏｕ               ａｌｒｅａｄｙ               ｈａｖｅ               -               ｓｕｃｈ               ａｓ               ａ               ｓｅｃｏｎｄ               ｍｏｒｔｇａｇｅ               ｏｒ               ｈｏｍｅ               ｅｑｕｉｔｙ               ｌｏａｎ.

Ｉｎｓｔｅａｄ               ｏｆ               ｒｅｆｉｎａｎｃｉｎｇ               ｙｏｕｒ               ｍｏｒｔｇａｇｅ               ｗｉｔｈ               ｏｎｅ               ｌｏａｎ,               ｉｔｓ               ｗａｓ               ｍｕｃｈ               ｍｏｒｅ               ｐｒｏｆｉｔａｂｌｅ               ｔｏ               ｈｉｔ               ｙｏｕ               ｗｉｔｈ               ｔｗｏ               ｌｏａｎｓ               ｏｆ               ｄｉｆｆｅｒｅｎｔ               ｐａｙ               ｏｕｔ               ｔｉｍｅｓ               ａｎｄ               ｖａｒｙｉｎｇ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ               ｃｒｅａｔｉｎｇ               ａ               ｍｏｒｅ               ｈｅａｒｔｉｅｒ               ｓｔｒｅａｍ               ｏｆ               ｒｅｖｅｎｕｅ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｈｏｌｄｉｎｇ               ｔｈｅ               ｌｏａｎｓ.
               Ｓｅｃｕｒｉｔｉｅｓ               Ｉｓｓｕｅｒ:               Ａ               ｓｅｐａｒａｔｅ               ｌｅｇａｌ               ｅｎｔｉｔｙ               ｔｈａｔ               ｂｕｙｓ               ｃａｓｈ-ｆｌｏｗ-ｐｒｏｄｕｃｉｎｇ               ａｓｓｅｔｓ               ｓｕｃｈ               ａｓ               ｌｏａｎｓ,               ｐｏｏｌｓ               ｔｈｅｍ               ｔｏｇｅｔｈｅｒ,               ａｎｄ               ｓｅｌｌｓ               ｐｏｒｔｉｏｎｓ               ｏｆ               ｔｈｅ               ｐｏｏｌｓ               ｏｆ               ｌｏａｎｓ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｊｕｓｔ               ａｎｏｔｈｅｒ               ｎａｍｅ               ｆｏｒ               ａ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｍｏｓｔ               ｌｉｋｅｌｙ               ｏｗｎｅｄ               ｓｏｍｅｗｈｅｒｅ               ｄｏｗｎ               ｔｈｅ               ｌｉｎｅ               ｂｙ               ｔｈｅ               ｓａｍｅ               ｂａｎｋｓ               ｉｓｓｕｉｎｇ               ｔｈｅ               ｍｏｒｔｇａｇｅｓ               ｔｈａｔ               ｃａｎ               ｓｅｌｌ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｆｒｏｍ               ｔｈｅ               ｌｏａｎｓ               ａｓ               Ｓｅｃｕｒｉｔｉｅｓ               ｆｏｒ               ｐｅｏｐｌｅ               ｔｏ               ｉｎｖｅｓｔ               ｉｎ,               ｔｈｕｓ               ｃｒｅａｔｉｎｇ               ｗｅａｌｔｈ               ｏｆｆ               ｉｎｔｅｒｅｓｔ               ｆｏｒ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ｗｈｏ               ｄｉｄ               ｎｏｔｈｉｎｇ               ｍｏｒｅ               ｔｈａｎ               ｃｒｅａｔｅ               ａ               ｐｉｅｃｅ               ｏｆ               ｐａｐｅｒ               ｗｉｔｈ               ａ               ｓｕｐｐｏｓｅｄ               ｗｏｒｔｈ               ａｔｔａｃｈｅｄ               ｔｏ               ｉｔ.
               Ｐｏｏｌ               Ａｓｓｅｍｂｌｅｒ               (ｉｓｓｕｅｒ):               Ａ               ｓｅｐａｒａｔｅ               ｌｅｇａｌ               ｅｎｔｉｔｙ               ｔｈａｔ               ｂｕｙｓ               ｃａｓｈ-ｆｌｏｗ-ｐｒｏｄｕｃｉｎｇ               ａｓｓｅｔｓ               ｓｕｃｈ               ａｓ               ｌｏａｎｓ,               ｐｏｏｌｓ               ｔｈｅｍ               ｔｏｇｅｔｈｅｒ,               ａｎｄ               ｓｅｌｌｓ               ｐｏｒｔｉｏｎｓ               ｏｆ               ｔｈｅ               ｐｏｏｌｓ               ｏｆ               ｌｏａｎｓ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｐｏｏｌ               Ａｓｓｅｍｂｌｅｒｓ,               Ｄｅｒｉｖａｔｉｖｅ               ｔｒａｄｅｒｓ               ａｎｄ               ｅｖｅｎ               ｂａｎｋｅｒｓ               ｐｒａｃｔｉｃｉｎｇ               ｆｒａｃｔｉｏｎａｌｉｚｅ               ｂａｎｋｉｎｇ               ａｌｌ               ｅｘｉｓｔ               ｏｎ               ａ               ｖｅｒｙ               ｆａｕｌｔｙ               ｐｒｉｎｃｉｐａｌ,               ｗｈｉｃｈ               ｉｓ               ｃｅｎｔｅｒｅｄ               ｏｎ               ｃｒｅａｔｉｎｇ               ｗｅａｌｔｈ               ｆｒｏｍ               ｐｉｅｃｅｓ               ｏｆ               ｐａｐｅｒ               ｗｉｔｈ               ｎｏ               ｉｎｈｅｒｅｎｔ               ｖａｌｕｅ               ａｎｄ               ｐｒｏｆｉｔｉｎｇ               ｏｆｆ               ｏｆ               ｉｔ               ｕｎｔｉｌ               ｏｕｒ               ｅｃｏｎｏｍｙ               ｃｏｌｌａｐｓｅｓ               ｅｖｅｒｙ               10-15               ｙｅａｒｓ.
               Ｐｒｉｍａｒｙ               Ｄｅａｌｅｒｓ:               Ｂａｎｋｓ               ａｎｄ               ｓｅｃｕｒｉｔｉｅｓ               ｂｒｏｋｅｒ-ｄｅａｌｅｒｓ               ｔｈａｔ               ｔｒａｄｅ               ｉｎ               Ｕ.Ｓ.

Ｇｏｖｅｒｎｍｅｎｔ               ｓｅｃｕｒｉｔｉｅｓ               ｗｉｔｈ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               ｆｏｒ               ｔｈｅ               ｐｕｒｐｏｓｅ               ｏｆ               ｃａｒｒｙｉｎｇ               ｏｕｔ               ｏｐｅｎ               ｍａｒｋｅｔ               ｏｐｅｒａｔｉｏｎｓ.

Ｔｈｅ               16               ｃｕｒｒｅｎｔ               ｐｒｉｍａｒｙ               ｄｅａｌｅｒｓ               ａｒｅ               ＢＮＰ               Ｐａｒｉｂａｓ               Ｓｅｃｕｒｉｔｉｅｓ               Ｃｏｒｐ.

/               Ｂａｎｃ               ｏｆ               Ａｍｅｒｉｃａ               Ｓｅｃｕｒｉｔｉｅｓ               ＬＬＣ               /               Ｂａｒｃｌａｙｓ               Ｃａｐｉｔａｌ               Ｉｎｃ.

/               Ｃａｎｔｏｒ               Ｆｉｔｚｇｅｒａｌｄ               &               Ｃｏ.

/               Ｃｉｔｉｇｒｏｕｐ               Ｇｌｏｂａｌ               Ｍａｒｋｅｔｓ               Ｉｎｃ.

/               Ｃｒｅｄｉｔ               Ｓｕｉｓｓｅ               Ｓｅｃｕｒｉｔｉｅｓ               (ＵＳＡ)               ＬＬＣ               /               Ｄａｉｗａ               Ｓｅｃｕｒｉｔｉｅｓ               Ａｍｅｒｉｃａ               Ｉｎｃ.

/               Ｄｒｅｓｄｎｅｒ               Ｋｌｅｉｎｗｏｒｔ               Ｓｅｃｕｒｉｔｉｅｓ               ＬＬＣ               /               Ｇｏｌｄｍａｎ,               Ｓａｃｈ               &               Ｃｏ/               Ｇｒｅｅｎｗｉｃｈ               Ｃａｐｉｔａｌ               Ｍａｒｋｅｔｓ               Ｉｎｃ.

/               ＨＳＢＣ               Ｓｅｃｕｒｉｔｉｅｓ               (ＵＳＡ)               Ｉｎｃ.

/               Ｊ.Ｐ.

Ｍｏｒｇａｎ               Ｓｅｃｕｒｉｔｉｅｓ               Ｉｎｃ.

/               Ｍｉｚｕｈｏ               Ｓｅｃｕｒｉｔｉｅｓ,               ＵＳＡ               Ｉｎｃ.

/               Ｍｏｒｇａｎ               Ｓｔａｎｌｅｙ               &               Ｃｏ               Ｉｎｃｏｒｐｏｒａｔｅｄ               /               ＵＢＳ               Ｓｅｃｕｒｉｔｉｅｓ               ＬＬＣ
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ａｎｄ               ｉｔｓ               ｃａｒｔｅｌ               ｌｉｋｅ               ｂａｎｋ               ｓｔｒｕｃｔｕｒｅ               ａｒｅ               ａ               ｍａｉｎ               ｒｅａｓｏｎ               ｆｏｒ               ｏｕｒ               ｃｕｒｒｅｎｔ               ｅｃｏｎｏｍｉｃ               ｍｅｓｓ.

Ｎｏｔ               ｏｎｌｙ               ｉｓ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｎｏｔ               ａ               ｆｕｌｌｙ               Ｆｅｄｅｒａｌ               ｉｎｓｔｉｔｕｔｉｏｎ               ｔｈｅｙ               ｏｂｖｉｏｕｓ               ｓｅｒｖｅ               ａｎｄ               ｏｐｅｒａｔｅ               ｆｏｒｅｉｇｎ               ｉｎｔｅｒｅｓｔ.

Ｔｈｉｓ               ｉｓ               ｗｈｙ               ｔｈｅｒｅ               ａｒｅ               ｃｕｒｒｅｎｔｌｙ               ｔｗｏ               ｍｅａｓｕｒｅｓ               ｉｎ               ｃｏｎｇｒｅｓｓ               ｔｏ               ｄｉｓｓｏｌｖｅ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｏｒ               ａｔ               ｔｈｅ               ｖｅｒｙ               ｌｅａｓｔ               ａｕｄｉｔ               ｔｈｉｓ               ｐｒｉｖａｔｅ               ｂａｎｋ,               ｗｈｉｃｈ               ｈａｓ               ｎｅｖｅｒ               ｂｅｅｎ               ａｕｄｉｔｅｄ,               ｅｖｅｒ.

Ｔｈｏｓｅ               ｂｉｌｌｓ               ａｒｅ               Ｈ.Ｒ.

1207               ａｎｄ               Ｈ.Ｒ.

833,               ｐｌｅａｓｅ               ｔｅｌｌ               ｙｏｕｒ               ｓｔａｔｅｌ               ｒｅｐｒｅｓｅｎｔａｔｉｖｅｓ               ａｎｄ               ｓｅｎａｔｏｒｓ               ｔｏ               ｓｕｐｐｏｒｔ               ｔｈｅｓｅ               ｖｅｒｙ               ｉｍｐｏｒｔａｎｔ               ｍｅａｓｕｒｅｓ               ｔｏ               ｒｅｓｔｏｒｅ               ｂａｌａｎｃｅ               ｔｏ               ｏｕｒ               ｅｃｏｎｏｍｙ               ａｎｄ               ｗａｙ               ｏｆ               ｌｉｆｅ               ａｇａｉｎ.

Ｉｆ               ｔｈｅｙ               ｄｏｎ'ｔ               ｓｕｐｐｏｒｔ               ｉｔ,               ｙｏｕ               ｃａｎ               ｂｅｔ               ｔｈｅｙ               ａｒｅ               ｉｎ               ｏｎ               ｔｈｅ               ｔａｋｅ               ａｎｄ               ｓｈｏｕｌｄ               ｂｅ               ｓｗｉｆｔｌｙ               ｖｏｔｅｄ               ｏｕｔ               ｏｆ               ｏｆｆｉｃｅ               ｎｅｘｔ               ｅｌｅｃｔｉｏｎ               ｃｙｃｌｅ.
               Ｃａｌｌ               Ｒｅｐｏｒｔ:               Ｑｕａｒｔｅｒｌｙ               ｒｅｐｏｒｔ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｃｏｎｄｉｔｉｏｎ               ｃｏｍｍｅｒｃｉａｌ               ｂａｎｋｓ               ｆｉｌｅ               ｗｉｔｈ               ｔｈｅｉｒ               Ｆｅｄｅｒａｌ               ａｎｄ               ｓｔａｔｅ               ｒｅｇｕｌａｔｏｒｙ               ａｇｅｎｃｉｅｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｏｎｌｙ               ｔｈｅ               ｂａｎｋｉｎｇ               ｃｏｍｍｉｓｓｉｏｎｅｒ               ｃａｎ               ｏｒｄｅｒ               ｔｈｅｓｅ               ｂａｎｋｓ               ｔｏ               ｍａｋｅ               ｐｕｂｌｉｃ               ｔｈｅｉｒ               Ｃａｌｌ               Ｒｅｐｏｒｔｓ,               Ｉ               ｗｏｕｌｄｎ'ｔ               ｈｏｌｄ               ｙｏｕｒ               ｂｒｅａｔｈｅ.
               Ｃｕｓｔｏｄｉａｎ               Ｂａｎｋ:               Ｔｈｅ               ｂａｎｋ               ｔｈａｔ               ｈｏｌｄｓ               ｔｈｅ               ｃｏｌｌａｔｅｒａｌ               ａｎｄ               ｍａｎａｇｅｓ               ｔｈｅ               ａｃｃｏｕｎｔｓ               ｆｏｒ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｉｆ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｎｅｗ               Ｙｏｒｋ               ｉｓ               ａ               ｐｒｉｖａｔｅ-ｆｅｄｅｒａｌ               ｒｕｎ               ｉｎｓｔｉｔｕｔｉｏｎ               -               ｗｈｏ               ｔｈｅ               ｈｅｌｌ               ｉｓ               ｍａｎａｇｉｎｇ               ｔｈｅ               ａｃｃｏｕｎｔｓ               ａｎｄ               ｈｏｌｄｉｎｇ               ｔｈｅｉｒ               ｃｏｌｌａｔｅｒａｌ               ａｎｄ               ａｒｅ               ｔｈｅｙ               ｐｒｉｖａｔｅ               ｏｒ               ｆｏｒ               ｐｒｏｆｉｔ,               ａｎｄ               ａｒｅ               ｔｈｅｙ               ｆｏｒｅｉｇｎ               ｂａｓｅｄ?
               Ｓｙｎｔｈｅｔｉｃ               ＡＢＳ:               Ａ               ｓｅｃｕｒｉｔｙ               ｔｈａｔ               ｄｅｒｉｖｅｓ               ｉｔｓ               ｖａｌｕｅ               ａｎｄ               ｃａｓｈ               ｆｌｏｗ               ｆｒｏｍ               ｓｏｕｒｃｅｓ               ｏｔｈｅｒ               ｔｈａｎ               ｆｒｏｍ               ａ               ｐｈｙｓｉｃａｌ               ｓｅｔ               ｏｆ               ｒｅｆｅｒｅｎｃｅ               ａｓｓｅｔｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｗｈｅｎ               ｙｏｕ               ａｒｅ               ｃｒｅａｔｉｎｇ               ｓｙｎｔｈｅｔｉｃ               ｐｉｅｃｅ               ｏｆ               ｂｕｌｌ               ｄｒｏｐｐｉｎｇｓ               ｙｏｕ               ｋｎｏｗ               ｙｏｕ               ａｒｅ               ｉｎ               ｏｎｅ               ｍｅｓｓｅｄ               ｕｐ,               ｇｒｅｅｄｙ,               ｓｃａｍ               ａｎｄ               ｆｒａｕｄｕｌｅｎｔ               ｆｉｌｌｅｄ               ｅｃｏｎｏｍｙ.

Ｂａｓｉｃａｌｌｙ               ｓｙｎｔｈｅｔｉｃ               ａｓｓｅｔ               ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ               ａｒｅ               ｃｒｅａｔｅｄ               ｔｈｒｏｕｇｈ               ｃｒｅｄｉｔ               ｄｅｆａｕｌｔ               ｓｗａｐｓ               ａｎｄ               ｄｅｒｉｖａｔｉｖｅ               ｔｒａｄｉｎｇ               ｆｕｌｌ               ｏｒ               ｍｏｒａｌ               ｈａｚａｒｄｓ               ａｎｄ               ｂａｄ               ｆｏｒ               ａｎｙ               ｆｒｅｅ               ｍａｒｋｅｔ               ｅｃｏｎｏｍｙ.
               Ｌｏｎｄｏｎ               Ｉｎｔｅｒｂａｎｋ               Ｏｆｆｅｒｅｄ               Ｒａｔｅ               ("ＬＩＢＯＲ"):               Ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｔｈａｔ               ｌａｒｇｅ               ｂａｎｋｓ               ｉｎ               Ｌｏｎｄｏｎ               ｃｈａｒｇｅ               ｅａｃｈ               ｏｔｈｅｒ               ｆｏｒ               ｄｏｌｌａｒ-ｄｅｎｏｍｉｎａｔｅｄ               ｆｕｎｄｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｊｕｓｔ               ａｎｏｔｈｅｒ               ｗａｙ               ｔｈｅ               ｂａｎｋｓ               ｈａｖｅ               ｓｅｐａｒａｔｅｄ               ｔｈｅｍｓｅｌｖｅｓ               ｆｒｏｍ               ｔｈｅ               ｒｅｓｔ               ｏｆ               ｕｓ               -               ｗｈｅｎ               ｗｅ               ｎｅｅｄ               ａ               ｌｏａｎ               ｗｅ               ｇｅｔ               ｏｎｅ               ｆｒｏｍ               ａ               ｂａｎｋ               ａｔ               ａ               ｐｒｅｔｔｙ               ｈｉｇｈ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ,               ｗｈｅｎ               ｂａｎｋｓ               ｌｏａｎ               ｍｏｎｅｙ               ｔｏ               ｏｎｅ               ａｎｏｔｈｅｒ               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｃｈａｒｇｅｄ               ｉｓ               ｗｅｌｌ               ｂｅｌｏｗ               ｔｈｅ               ｍａｒｋｅｔ               ｐｒｉｃｅ               ａｎｄ               ｔｈｉｓ               ｉｓ               ｔｈｏｕｇｈｔ               ｏｆ               ａｓ               ａ               ｇｅｎｅｒａｌｌｙ               ａｃｃｅｐｔｅｄ               ｓｔａｎｄａｒｄ               ｉｎ               ｔｈｅ               ｂａｎｋｉｎｇ               ｗｏｒｌｄ.
               Ｐｒｏｆｅｓｓｉｏｎａｌ               Ｆｏｒｅｃａｓｔｅｒｓ:               Ｔｈｅ               ｔｈｒｅｅ               ｆｏｒｅｃａｓｔｅｒｓ               ｕｓｅｄ               ｆｏｒ               ｔｈｅ               ｐｕｒｐｏｓｅ               ｏｆ               ｔｈｅ               ｓｔｒｅｓｓ               ｔｅｓｔ               ｗｅｒｅ               ｔｈｅ               Ｃｏｎｓｅｎｓｕｓ               Ｆｏｒｅｃａｓｔｓ,               ｔｈｅ               Ｂｌｕｅ               Ｃｈｉｐ               Ｓｕｒｖｅｙ,               ａｎｄ               ｔｈｅ               Ｓｕｒｖｅｙ               ｏｆ               Ｐｒｏｆｅｓｓｉｏｎａｌ               Ｆｏｒｅｃａｓｔｅｒｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｃｏｎｓｅｎｓｕｓ               Ｆｏｒｅｃａｓｔｓ               ｉｓ               ｐａｒｔ               ｏｆ               ｔｈｅ               Ｃｏｎｓｅｎｓｕｓ               Ｅｃｏｎｏｍｉｃｓ               Ｃｏｒｐｏｒａｔｉｏｎ               ａｎｄ               ｂａｓｉｃａｌｌｙ               ｔａｌｌｉｅｓ               ｕｐ               ｏｐｉｎｉｏｎｓ               ｆｒｏｍ               ｅｃｏｎｏｍｉｓｔ               ｆｒｏｍ               ａｒｏｕｎｄ               ｔｈｅ               ｗｏｒｌｄ               ａｎｄ               ｐｒｏｄｕｃｅｓ               ａ               ｆｏｒｅｃａｓｔ               ｏｆｆ               ｏｆ               ｔｈｏｓｅ               ｏｐｉｎｉｏｎｓ.

Ｂｌｕｅ               Ｃｈｉｐ               Ｓｕｒｖｅｙ               ｂａｓｉｃａｌｌｙ               ｄｏｅｓ               ｔｈｅ               ｓａｍｅ               ｔｈｉｎｇ               ｂｕｔ               ｗｉｔｈ               ｆｅｗｅｒ               ｅｃｏｎｏｍｉｓｔｓ               ｐｏｌｌｅｄ               ａｎｄ               ｔｈｅ               ｓａｍｅ               ｃａｎ               ｂｅ               ｓａｉｄ               ｆｏｒ               ｔｈｅ               Ｓｕｒｖｅｙ               ｏｆ               Ｐｒｏｆｅｓｓｉｏｎａｌ               Ｆｏｒｅｃａｓｔｅｒｓ               -               ｔｈｉｓ               ｉｓｎ'ｔ               ｓｏｍｅ               ｆｕｌｌ-ｐｒｏｏｆ               ｏｒ               ｈｉｇｈｌｙ               ａｃｃｕｒａｔｅ               ｆｏｒｅｃａｓｔ               ａｓ               ｔｈｅｙ               ａｌｌ               ｈａｖｅ               ｂｅｅｎ               ｗｒｏｎｇ               ｎｕｍｅｒｏｕｓ               ｔｉｍｅｓ               ｔｈｒｏｕｇｈｏｕｔ               ｔｈｅｉｒ               ｌｏｎｇ               ｔｅｒｍ               ｈｉｓｔｏｒｉｅｓ.
               Ｃｏｌｌａｔｅｒａｌｉｚｅｄ               Ｄｅｂｔ               Ｏｂｌｉｇａｔｉｏｎ:               Ａ               ｓｅｃｕｒｉｔｙ               ｔｈａｔ               ｅｎｔｉｔｌｅｓ               ｔｈｅ               ｐｕｒｃｈａｓｅｒ               ｔｏ               ｓｏｍｅ               ｐｏｒｔｉｏｎ               ｏｆ               ｔｈｅ               ｃａｓｈ               ｆｌｏｗｓ               ｆｒｏｍ               ａ               ｐｏｒｔｆｏｌｉｏ               ｏｆ               ａｓｓｅｔｓ,               ｗｈｉｃｈ               ｍａｙ               ｉｎｃｌｕｄｅ               ｂｏｎｄｓ,               ｌｏａｎｓ,               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ,               ｏｒ               ｏｔｈｅｒ               ＣＤＯｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｗｈｅｎ               ｄｅｂｔ               ｉｓ               ｔｈｅ               ｍａｉｎ               ｉｎｃｏｍｅ               ｃｒｅａｔｏｒ               ｏｎ               ａｎｙ               ｆｉｎａｎｃｉａｌ               ｉｎｓｔｒｕｍｅｎｔ               ｏｒ               ａｇｒｅｅｍｅｎｔ               ｙｏｕ               ａｒｅ               ｎｏ               ｌｏｎｇｅｒ               ｉｎ               ａ               ｃａｐｉｔａｌｉｓｔｉｃ               ｍａｒｋｅｔ               ｙｏｕ               ａｒｅ               ｉｎ               ａ               ｄｅｂｔ-ｓｌａｖｅｒｙ               ｍａｒｋｅｔ.
               7(ａ)               Ｐｒｏｇｒａｍ:               Ｓｍａｌｌ               Ｂｕｓｉｎｅｓｓ               Ａｄｍｉｎｉｓｔｒａｔｉｏｎ               ｌｏａｎ               ｐｒｏｇｒａｍ               ｇｕａｒａｎｔｅｅｉｎｇ               ａ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｌｏａｎｓ               ｆｏｒ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓｅｓ               ｔｈａｔ               ｃａｎｎｏｔ               ｏｔｈｅｒｗｉｓｅ               ｏｂｔａｉｎ               ｃｏｎｖｅｎｔｉｏｎａｌ               ｌｏａｎｓ               ａｔ               ｒｅａｓｏｎａｂｌｅ               ｔｅｒｍｓ.
               Ｔｈｅ               Ｒｅａｌ               Ｓｃｏｏｐ:               Ｆｉｎａｎｃｉａｌ               ｉｎｓｔｉｔｕｔｉｏｎｓ               ａｎｄ               ａｎｙ               ｓｍａｌｌ               ｂｕｓｉｎｅｓｓ               ｕｎｄｅｒ               ｔｈｅ               7ａ               Ｐｒｏｇｒａｍ               ｇｅｔ               ｌｏａｎｓ               ａｔ               ｒｅａｓｏｎａｂｌｅ               ｔｅｒｍｓ               -               ｙｏｕ               ａｎｄ               Ｉ               ｇｅｔ               ｕｓｕｒｙ               ｌｏａｎｓ,               ｗｈｉｃｈ               ｄｏ               ｎｏｔ               ｈａｖｅ               ｒｅａｓｏｎａｂｌｅ               ｔｅｒｍｓ               ａｎｄ               ｔｈａｔ               ｔａｋｅ               ｙｅａｒｓ               ｔｏ               ｐａｙ               ｏｆｆ.

Ｉ               ｔｈｉｎｋ               ｉｔ'ｓ               ａｂｏｕｔ               ｔｉｍｅ               ｆｏｒ               ｏｕｒ               ｇｏｖｅｒｎｍｅｎｔ               ｔｏ               ｃｒｅａｔｅ               ｔｈｅ               '90               ｍｉｌｌｉｏｎ               Ｕｓ-Ｐｒｏｇｒａｍ'               ｔｏ               ｈｅｌｐ               ｔｈｅ               ｗｏｒｋｉｎｇ               Ａｍｅｒｉｃａｎ               ｏｕｔ.

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2013년 11월 23일 토요일

About 'write off debt definition'|... with a very high level of personal debt. As well as that, inflation, as manifested...like oil, is very high at the time of writing; and central banks in the Eurozone, America...

About 'write off debt definition'|... with a very high level of personal debt. As well as that, inflation, as manifested...like oil, is very high at the time of writing; and central banks in the Eurozone, America...

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