This article is a sample article from Institutional Investor magazine. For more information or to subscribe, please go to www.institutionalinvestor.com.
By Edward Chancellor
WHEN BANKS DISCOVERED how to securitize loans, they inadvertently created a sexy alternative investment. Looking for an asset that isn’t correlated to the stock market? Then invest in mezzanine tranches of collateralized debt obligations. Or better still, give your money to a credit hedge fund that promises to produce double-digit returns. Rampant demand for structured securities has been a boon to bankers, homeowners and private equity firms.
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