"Standard & Poor's may cut the rating on $6.42 billion of collateralized debt obligations (CDOs) following downgrades to billions of dollars worth of second-lien residential mortgage-backed securities last month." -- Through the grapevine we hear that impaired portfolios of seconds are going for about ten cents on the dollar. Which is just what you'd expect from their abuse to avoid PMI and downpayments (or extract every little bit of home equity) immediately before large drops in home price hit.

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