A bright future?


For nearly a year, structured finance has been suffering from a crisis of confidence. US investment banks have taken hits totalling over $100 billion thanks to poor bets on the mortgage-backed bond markets - with Bear Stearns, the fifth largest bank in the US, among the casualties. With the US Treasury obliged to clean up the mess, and issuance down 75% in the first quarter of the year, it seemed as if the securitisation party was over for everyone.

But move a few miles south of California - wher

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