What is a Collateralized Debt Obligation?

A collateralized debt obligation (CDO) is the security created when Wall Street pools loans, mortgages or bonds, and sells off the rights to the cash flow from the pool to investors. These investment vehicles also sometimes are referred to as CLOs (collateralized loan obligations), CBOs (collateralized bond obligations) or CMOs (collateralized mortgage obligations), depending on the type of underlying debt instruments that are being pooled and securitized. More.

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