How they finance conduits? In other words, from where they remove money to buy to the Bank of Illinois the packages of mortgages? Of several sites: By means of credits of other Banks (4 Commentary: The ball continues becoming greater) Contracting the services of Investment banks that can sell those MBS to Investment funds, Societies of Risk capital, Insuring, Financial, patrimonial Societies of a family, etc. (5 Commentary: fijaos that the danger to us is approached, not to Spain, but to our family, because equal, animated by the Director of the office of San Quirze, I go and I put my money in a Investment fund) What happens is that, to be financially correct, conduits or MBS had well to be described by the rating agencies, that give qualifications based on the solution. These qualifications say: to this company, this State, this organization him can be given money without risk, or is careful with these others because you risk to that they do not pay to him. I include here what Rating said to the word of this Dictionary, so that you have everything in the same block: RATING. Credit qualification of a Company or one Institution, done by a specialized agency. In Spain, the agency leader in this field is Fitch Ratings. The levels are: AAA, the maximum AA TO BBB BB Others, but are very bad Generally: A Bank or great Box usually has a rating of AA a Bank or medium Box, a rating of The 3 of March of 2008, Fitch has maintained the rating of the City council of Barcelona in AA+ the Agencies of rating granted these qualifications or they gave other names them, more sophisticated, but than, in the end, they say the same: They called: Investment clay to the MBS that represented mortgages prioritizes those of less risk, that is to say, (would be the AAA, AA and A) Mezzanine, to intermediate perhaps (I suppose that the BBB and the BB) the Equity to the bad ones, of high risk, that is to say, prevails to them, that, in this shed, are the protagonists the Investment banks placed the best ones easily (investment clay), to preservative investors, and low interests.