In the world of capital, as long as you can name the right price, there's nothing that can't be sold.
And what we call a "transaction" is simply an exchange of interests that's completed when both sides feel the other side's price is acceptable.
In deals like this there's a ton of tricks in the shadows—for example, I can hype my chips to the heavens, when in reality they're worth nothing on the market; but as long as the transaction goes through, that's no longer my problem.
The few people from Fitch were willing to meet West Fire Grass precisely because of this.
Right now, a huge chunk of European banks' loan bonds need to be run through their hands for rating segmentation; based on borrowers' economic status, income level, family situation, and so on, they slice the loans into AAA, BB, C, etc., and then banks package and sell them at different prices to other investment firms for profit.
Housing loans are called MBS, small consumer loans are called ABS.
