Many Banks got rid of the riskier and more junior CDO tranches, because their own risk-management systems designated them as too dangerous.

许多银行不愿意持有风险较大、品级较次的抵押债权凭证，因为其自有的风险管理系统认为它们太过危险。

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As the Banks offloaded the junior CDO tranches and kept the safer ones, the risks they were exposed to became less obvious.

银行出售次等抵押债权凭证而持有顶级抵押债权凭证，因此其风险敞口并不明显。

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The three junior tranches would all have to be erased before the senior tranche's insurer loses money.

FORBES: Buy Some Insurance

Many CDOs are backed by subprime loans and other toxic waste and are divided for investors into senior and junior tranches.

FORBES: Magazine Article

The subordinate or junior tranches will absorb all of the losses, up to their value before senior tranches begin to experience losses.

FORBES: Introduction To Asset-Backed And Mortgage-Backed Securities