easy · Asset-Backed Securities tranching

A mezzanine tranche has 8% of first-loss claims below it.

At what cumulative pool-loss level does that mezzanine tranche begin to attach?

  1. from the first dollar of loss
  2. only after 100% of the pool is lost
  3. after losses exceed 8% of the pool
  4. whenever interest rates rise by 8%

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