I have to give it to the SEC though for even requiring such model. My dream is every financial product (from credit cards to CDOs) to come with the model and as

I have to give it to the SEC though for even requiring such model. My dream is every financial product (from credit cards to CDOs) to come with the model and as standardized inputs as possible. People could then make websites like: WillIDefault.com that would show the risk you're taking - including the conditionals of the contract.