…at some point the latter level falls below the former. The state in which “scheduled benefits” exceeds “payable” can be called “insolvency”, or working up the shrillness index “crisis” or…

…is that they had their own mortgage origination units. So after all the other “private label issuers” (read: non-GSEs) stopped buying mortgages for MBSes around Hallowe’en of 2006, Bear was…