Securitization has become an endeavor dependent upon acronyms and technology. There are MBSs, ABSs, CMOs, REMICs, IOs, POs, PACs,1 and a host of others—all acronyms for various kinds of securities, many of which would be difficult if not impossible to create, describe, evaluate, and understand without the increasingly sophisticated modeling capabilities made possible by computers. Accordingly, securitization is a financial and securities product that the computer age has made possible.