Khan Academy online gives great tutorials, videos and overviews
of topics including collateralized debt obligation. This website
will walk you through everything you need to know about this
topic.
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Collateralized loan obligations occur when loans to several
companies are polled/lumped together and passed on as an
instrument. They function to minimize loss with "good" loans lumped
with "bad" to make for a more balanced product.
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The obligation of a cosigner is discharged by a borrower
securing a loan to the satisfaction of the creditor. Paying off a
loan will also discharge the obligation of a cosigner.
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Formally it means Collateralized Debt Obligation.
This is also an acronym associated with a joke about OCD. The
base joke goes, "I am not OCD, I am CDO. It is in alphabetical
order."
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