PNC, page-37

I agree with Tattiebinger, PNC only buy tier 1 debt, i.e. was credit screened at origination and not the other stuff. However, CCP also buys same, but do buy some of the other stuff. If it's that different that makes one consider the quality completely different then so be it, but I could almost guarantee that source and other characteristics will factor into CCP (as well as PNCs) pricing models that guide what they are prepared to tender at for inventory or forward flow purchases and if there is a higher risk of default they will be paying on average a lower price to maintain their very good long term ROE.