ABCDSreaching their (sub)prime


In a world without credit derivatives, investors in real-estate or asset-backed securities had two options: either buy particular pools of collateral or not buy them. Shorting a position or buying protection was out of the question.

These limitations were overcome by mid-2005 when investors welcomed the birth of credit default swaps on asset-backed securities (ABCDS).

These new synthetic instruments acted as credit default swaps on individual home equity issues in the market not previously

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