Potentially more toxic than sub-prime: the £6.6bn of 'Alt-A' that spooked HBOS investors | WHAT REALLY HAPPENED


Potentially more toxic than sub-prime: the £6.6bn of 'Alt-A' that spooked HBOS investors

These securities, known more fully as Alternative-A, represent debt secured on mortgages that are said to be as good as prime, even if they did not pass all the tests to be classed as top grade. They sit between prime and sub-prime, but default experience is showing they are almost sub.

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