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Term of the Day - August 27, 2004
http://www.investopedia.com
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Term of the Day: Toxic Waste
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A slang term referring to securities that are unattractive
due to certain underlying provisions or risks making them
generally illiquid with poor pricing schemes and transparency.
Investopedia Says:
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Mainly used in reference to CMOs, toxic waste represents the
small portion of these products that are byproducts created as
a result of providing the majority of CMOs with minimal risk.
In effect, this small portion of byproducts is used as outlets
for transferring a substantial portion of the underlying risks
involved in making the obligations and then marketed to investors.
Related Links:
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Tutorial: 20 Investments You Should Know
http://www.investopedia.com/university/20_investments/
Related Terms:
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CMO
http://www.investopedia.com/terms/c/cmo.asp
Mortgage Backed Securities
http://www.investopedia.com/terms/m/mbs.asp
Pass-Through Security
http://www.investopedia.com/terms/p/passthroughsecurity.asp
Structured Finance
http://www.investopedia.com/terms/s/structuredfinance.asp
Tranches
http://www.investopedia.com/terms/t/tranches.asp
Have a great day!
The Investopedia Staff
http://www.investopedia.com
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