Rydex, I have analyed MBS/CMO in my blog: http://sandeep-rastogi-fin.blogspot.com/2009/07/understanding-credit-crisis-academics_4866.html And ABS/CDO in my blog: http://sandeep-rastogi-fin.blogspot.com/2009/07/credit-crisis-academics-and-analysis-3_8294.html Hopefully, it will answer most of your queries.