How do REPO facilities provided by Wall Street firms like UBS and
Morgan Stanley work.  Where did the term Repurchase or REPO come from
and how does this form of financing differ from a traditional mortgage
warehouse line of credit provided by a commercial bank?  Are REPO's
structured as on-balance sheet or off-balance sheet and do mortgage
companies actually repurchase the loans sold to, say UBS for instance,
or is it that they just may be required to repurchase the loans.  If
the loans are repurchased by the seller is this because the seller
intends to securitize them?  Thanks