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Observation: An Unfair Rap on "Wraps" By Arthur Q. Frank, CFA, Director of MBS Research at Nomura Securities

During 1999 and the first half of 2000, the ABS market has grappled with severe credit difficulties among issuers of subprime residential mortgages. Not only have senior-subordinated deals issued by the weakest firms suffered from genuinely higher credit risk, but even senior tranches of "wrapped" (insured) deals have seen...

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