If anyone is actually interested in the theory behind the rating of Mortgage backed securities(MBS), have a look at this wired article. http://www.wired.com/20

If anyone is actually interested in the theory behind the rating of Mortgage backed securities(MBS), have a look at this wired article. http://www.wired.com/2009/02/wp-quant/?currentPage=all http://www.wired.com/2009/02/wp-quant/?currentPage=all It does a good job of explaining the intuition, behind the Gaussian Copula, and of course where it fell apart. I submitted the below article a few days ago and I think at this point this topic can be considered a very dead horse. https://news.ycombinator.com/item?id=11472094 https://news.ycombinator.com/item?id=11472094