Sales of collateralized-debt obligations made of asset-backed securities plunged from $227 billion last year to less than $1 billion this year as the global credit crunch continues. The situation has prompted Goldman Sachs, JPMorgan Chase and other firms to repackage toxic mortgage bonds as Re-Remics. "It's just the reincarnation of the CDO," said Paul Colonna, chief investment officer for fixed income at GE Asset Management. "The mechanics are the same, but you're getting in at a much different level of valuation."
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