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Turning misfortune into a fortune - easy if you know how

The recent credit collapse means big business for the distressed debt investors, especially those in the ABS market, as Phyllis Feinberg in New York reports

There is money to be made in distressed debt investing.

"The sub-prime mortgage market was the first domino to fall in the credit collapse and the repricing of credit risk," says Martin Sass, chief executive officer of MD Sass in New York.

"We are probably only about mid-way through the sub-prime debacle, with more than $500bn of sub-prime real estate loans about to reset over the next 18 months at

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