Bonds backed by mortgages could present a buying opportunity for investors, Larry Light writes in a Wall Street Journal column. The market shows that bad times are ending for mortgage-backed securities, but his analysis is based on the assumption that a new round of defaults won't send prices tumbling again. "What this means is that mortgage bonds are still cheap, with many selling below face value -- and that investors, now less scared by them, no longer need large yield premiums as an enticement to buy," Light said.

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