Thanks for following up. For what it's worth, you have a flawed view of Mortgage backed securities. By virtue of the mortgage behind it, it's a real product l

Thanks for following up. For what it's worth, you have a flawed view of Mortgage backed securities. By virtue of the mortgage behind it, it's a real product like a bond. It is the Credit Default Swap betting on mortgage (or corporate credit) performance that is insurance Against the mortgage backed security. This is just nitpicking and doesn't alter your argument.