A typical non-agency mortgage deal consists of whole loan mortgages that are pooled together to create one security. This large security is then broken up into individual CMO
Mortgage Subordinated Trust Securities
![Subordination Agreement](https://emadzikry.com/wp-content/uploads/2023/09/Subordination-Agreement.png)
A typical non-agency mortgage deal consists of whole loan mortgages that are pooled together to create one security. This large security is then broken up into individual CMO