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Economic Disruption — 2007 <br /> • Credit Market Issues <br /> — Sub-prime mortgage issues <br /> — Auction Rate Market freeze <br /> • Financial Firm Losses <br /> — Banking firms <br /> — Investment firms <br /> — Bond Insurers <br /> • Accounting Issues <br /> — Valuation of Investments&portfolios <br /> — Loss recognition and timing <br /> Public Sector Advisors Springsted <br /> Economic Disruption - 2007 <br /> • Structured Investment Vehicle(SIV) <br /> — Off Balance Sheet investment set up by Financial Institution <br /> — Borrows in Commercial Paper market <br /> — Invests borrowed funds in Mortgages <br /> — Marketed as Money Market alternative/supplement <br /> • Collateralized Debt Obligation (CDO) <br /> — Mortgages have been used as collateral for repayment <br /> — Multiple`tranches"used to offer different degrees of risk <br /> — Structuring can result in creation of high investment grade w/o <br /> underlying high investment grade collateral <br /> Public Sector Advisors .. Springsted <br />