A ________ pays out cash flows from subprime mortgage-backed securities in different tranches,with the highest-rated tranch paying out first,while lower ones paid out less if there were losses on the mortgage-backed securities.

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This is describing a collateralized debt obligation (CDO), which is a structured financial product that pools together various types of debt, such as subprime mortgage-backed securities, and then issues tranches of securities with varying levels of risk and return. The highest-rated tranches have the first claim on the cash flows, while lower-rated tranches only receive payments after the higher tranches have been paid.

A ________ Pays Out Cash Flows from Subprime Mortgage-Backed Securities