WEBVTT

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Well, I appreciate that, because
I went down a rabbit hole

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on the idea of defeasance,

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and one of the challenges
that I am concerned about,

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because I do really like the concept,

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and I think it's working
in countries like Denmark—

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[Pollock] Yes.

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[Flood] But, and I don't know who this
company is or how they're actually doing it,

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but are they—how do they—

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how does that reconcile
with the mortgage-backed security?

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I mean, if you're holding mortgage-backed
securities and suddenly

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you think you've got collateral on X,
but you really got collateral on Y,

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how do they navigate that?

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[Pollock] The mortgage-backed
security makes it harder.

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This works actually with lenders
who have the loan in portfolio

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and who can deal with their customers

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and end up in a way
where the customer gets

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the value of the mortgage.