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The shock waves caused by JP Morgan's acquisition of Bear Stearns last month, following significant deterioration in the bank's liquidity position, have served as a stark reminder that the fallout from the subprime mortgage crisis is far from over.

While most media attention has focused on the collapse in the value of mortgage-backed securities (MBSs), other classes in the US asset-backed securities (ABS) industry have been contending with tough market conditions over the past year. In particula

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