?6? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?7? ? ? ? ? ? ?, 3,7?, 10% ?10.9?, 29% ? ?8.2? , 21% ?, 9.1? ,2, 3% ?, 2,1? ?.2, 6% ? 2.46? 6% ? 1.7?4% ? ? ABS ABS? ? ? ABCP,? ? ? CDO CLO CBO MBS CMBS RMBS ?8? 05,00010,00015,00020,00025,00030,00035,00040,0001,9961,9982,0002,0022,0042,0062,0082,0102,012?MBS, 56567?, 57%?CMO, 12324?, 13%?MBS, 12789.7?, 13%?, 16887?, 17%2012? ? ? ? ? ? ? ? ?9? ? ? ? ? ?10? ? ? ? ? ?SPV? ? ? ? ? ? ? ? ? ? ? ?SPV ? ? ? ? ? ?11? ? ? ? ?Asset-backed securities? ?Pass-through securities? ?prepayment risk?Pay-through Securities?SPV?Collateralized Mortgage Obligations?CMO?12? ?Strips? ?PO?Principle Only? ?IO, Interest Only?SPV ? ?Level A Level B Level C Pass through Pass through Asset backed Cash Flow Restructure Pay through ? ?ckedcked dCasCaC CLeve e e el l l A A A ALevel BLeveve el l C C CRestructuresh Flow w w w R R R? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?13? ? ? ? ? ?