Getting off lightly

Securitisation

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Barely a day goes by without yet another investment bank reporting a chunky write-down on the back of its exposures to US subprime mortgage loans. In research published in November, Deutsche Bank predicts that subprime losses could total $400 billion by the time the crisis has run its course, with an estimated $60 billion-70 billion of subprime write-downs by the end of this year. Nordic banks, however, have got off fairly lightly. While several were active in the credit markets, either via secu

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