| Other institutions arbitrage returns on bonds or loans with relatively high yields through securitizations. |
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| The value of these securities held by financial firms declined, and the market for new subprime securitizations dried up. |
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| In recent years, black investment banks have made inroads in corporate finance, advisory services and mortgage-backed securitizations. |
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| In addition, PMI Australia provides credit enhancement for residential mortgage-backed securitizations, which underpin much of the mortgage lending from the non-bank sector. |
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