The CDS that's taken out over this product be written by a host of too big to fail, interweaved banks, which hedge the exposure through a bunch of AIG's... These income streams will be AAA rated because, according to the ratings agencies, the tenants could never fall into financial hardship nor would the levels of unemployment in the USA be any issue, and of course the only way rents go is up (much like the worlds property prices).
Its exactly the same as an RMBS or a toxic CDO, it just has a different shade of lipstick, still the same pig!
