Sub-prime time



When Morgan Stanley announced the acquisition of Advantage Home Loans in December, it became the fourth US investment bank in three years to grab a piece of the UK's sub-prime mortgage market.

It may seem an odd marriage – people with spotty credit histories are unusual bedfellows for investment banks. But the acquisitions are not necessarily driven by a desire to be a major force in the UK retail mortgage market; they are instead aimed at building banks' securitisation businesses. By expanding

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