4/11/2011

As the global financial crisis fades, investors again are embracing securities known as "scratch and dent" bonds because they are backed by less-than-pristine mortgages and other assets. "Investors are climbing over each other looking for opportunities to invest in higher-yielding assets," said David Spector, president and chief operating officer at PennyMac Mortgage Investment Trust. "Banks will be selling more of their legacy loans."

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