Cash-back loans to NINJA (No Income, No Job, and No Assets) customers that included voluminous fees to brokers and were securitized and structured up to 60 times do not represent any value. And if the structuring process created 70% triple-A rated paper out of what on average were B-value loans, there must have been fundamental flaws in the rating process, which will not disappear simply because the economy or the stock market recover.
目前，由于多方面的债券链出现系统性缺陷，诸如抵押债券等的结构性债券的价格已经下降。银行对那些三无（无收入无工作无资产）客户的贷款，包括那些经纪人的大量费用，已经被证券化放大了60倍，这部分钱看来是血本无归了。如果重组过程就是从B级的贷款中创造出70%的3A级的企业，那么这样的评级是毫无意义的，因为这些“窟窿”不会仅仅因为经济或是股市复苏就会自行消失。