Remake/remodel

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Credit derivatives product companies (CDPCs) were once one of the hottest areas in finance. Like monolines, the vehicles specialised in transferring credit risk, but operated mainly in the derivatives market. Interest in CDPCs hit a peak at the height of the credit bubble, with many banks eagerly using the vehicles to lay off sizeable exposures to super-senior tranches of corporate and asset-backed collateralised debt obligations (CDOs) and highly rated single names. By February 2007, New York-b

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