如果是unrealized p&l, 那不需要補瘡吧?是拿來做抵押,然後margin calls, 才被迫講出來。有道理嗎?
從盤古開天以來,agency mbs是抵押的 常見instrument.
這和hedging 已經沒多少關係了。那2B是要給lender的。是塡倉用的。
或者客戶要提錢,the bank would have to sell the securities for cash. The unloading caused the capital short fall.
Things like that.