"This Is A CDO": Cerberus Selling $300MM In "Potentially Worthless" BBB- Rated CMBS IO-Strips As AAA

[Banjo]

https://www.zerohedge.com/markets/c...the+survival+rate+for+everyone+drops+to+zero)

 

[TrailerParkTed]

https://www.zerohedge.com/markets/cdo-cerberus-selling-300mm-potentially-worthless-bbb-rated-cmbs-interest-only-strips-aaa?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+zerohedge/feed+(zero+hedge+-+on+a+long+enough+timeline,+the+survival+rate+for+everyone+drops+to+zero)

Good read, Cerebus tried to unload ACI at $20 only for Wall Street to realize it’s a heaping pile only resurrected temporarily by Covid!

 

[bone]

My take is that the global credit rating agencies (in this case, DBRS) are still whores selling ratings for fees.