100
In the case of mortgage tranches, what happens to the owner of the first tranche?
A. The owner is hit with the last wave of payments, which have the lowest interest rate
B. The owner is hit with the first wave of prepayments, which have the lowest interest rate
C. The owner is hit with the first wave of prepayments, which have the highest interest rate
D. The owner is hit with the last wave of payments, which have the highest interest
C. The first tranche, or the first wave of prepayments (The Big Short, page 7)