Securitized credit card debt!?!??
This is where credit card companies who gave 18% credit cards with a credit limit of thousands of dollars to gomers who barely have jobs. Then they urged these yahoos to use the cards to buy everything from groceries to their gas bills on the things using the faint hope a free trip to Tahiti.
Then some Wall Street guys figured out how the credit card companies could slice and this debt up into unrecognizable parts and sell them as blended securities with promised high returns. Guess what many of the knuckle-heads with $10,000 balances can't or won't pay their credit card debts. Now the folks who bought the securities would like to sneak their way into the proposed federal bailout package. Give me a break!