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Quotes of the day:
Stay beautiful stay off drugs -Johnny Wowk AKA Johnny The Walker
A Z tranche is the lowest-ranked tranche of a collateralized mortgage obligation (CMO) in terms of seniority. Its owners are not entitled to any coupon payments, receiving no cash flow from underlying mortgages until the more senior tranches are retired, or paid off.
Mortgage-backed securities I | Finance & Capital Markets | Khan Academy
![Collateralized mortgage obligation (CMO) [Video Investopedia]](https://i.ytimg.com/vi/TgCEwV5gXm4/default.jpg)
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