The failure of Mortgage Backed Securities

Its a simple scam. Which says, if I say enough, the client will ignore the obvious. The model lacks the insurance to cover the failure. It will fail over time, "Because, not everybody in America will foreclose at the same time". This was shown in the freddies which, if not bailed out would have extended the insurance failure into the owners of the stupid product. Then the failure is shared across the number of slices. That is a undercoverage of 10^12 to 10^16 minimium. And that was the oxygen that fueled the fire.