GPU backed securities also don't have that issue because they're far more transparent. The problem with mortgage backed securities is that nobody has the time to inspect the credit worthiness of each mortgage in a MBS, each creditor has hidden correlated risk (eg. if the whole economy tanks), and on top of all that trenching obfuscates the risk. Lenders therefore had to take the credit ratings on face value. It's hard to make the mistake with datecenter/gpu/anthropic debt.
reply> The problem with mortgage backed securities is that nobody has the time to inspect the credit worthiness of each mortgage in a MBS
replyCredit worthiness of each mortgage wasn't the issue with mortgage-backed securities. It was that low value mortgage-backed securities were repackaged into a basket with a mix of securities and given a higher credit rating than what Subprime would have gotten on their own.
This repackaging is absolutely going to happen again with GPUs. If there are GPUs of different generations within the same security, it's already happened.