And the securitized loans self fund within the securitization.

Source: https://seekingalpha.com/article/4623421-mfa-financial-inc-mfa-q2-2023-earnings-call-transcript?source=feed_all_articles

Mortgage Backed Securities (MBS) was the biggest securitized asset class accounted for $9.3 trillion at the end of 2021.

Source: https://seekingalpha.com/article/4655645-next-default-cycle-started-likely-crack-interest-rates?source=feed_all_articles

Our bias is to own higher-quality credit given our fundamental expectation for further economic weakness, and we particularly like mortgage-related credit and securitized credit.

Source: https://seekingalpha.com/article/4606005-positioning-portfolios-today-markets?source=feed_all_articles

Such loans are particularly problematic because, in the event of default, Ally may only receive ~50 cents on the dollar or less due as the "securitized" asset is worth so much less than the original loan.

Source: https://seekingalpha.com/article/4631955-falling-car-prices-leave-ally-financial-without-proper-collateral?source=feed_all_articles

We have a lot of stuff that has not yet been securitized.

Source: https://seekingalpha.com/article/4659064-carmax-inc-kmx-q3-2024-earnings-call-transcript?source=feed_all_articles