Deutsche Bank asset management devision is looking to, “repackaging their home-loan bonds into new securities without creating collateralized debt obligations, which are being shunned by investors“.

They are called REMICs, are real estate mortgage investment conduits:

REMICs are real estate mortgage investment conduits, the tax-exempt vehicles used to turn mortgages into bonds by passing payments from the loans to different investors in varying orders of priority or at different times. Re-REMICs repackage some of those securities or a single class into new bonds in which payments are also directed in different ways.

I’m not seeing a difference here. It appears to me that they are putting a new wrapper on the big sh$#pile, as Atrios is wont to call it, and calling it George.