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...The Paces were among 10,507 borrowers whose home loans Countrywide packed into a set of securities called the CWABS Asset-Backed Certificates Trust 2005-11....
...The funds were in- vested heavily in U.S. home-mortgage-backed securities that had become nearly impossible to value....
...Because C-Bass bought bonds that were backed by pools of mortgages, Litton had the right to modify those loans once they soured....
...The housing market has continued to shrivel, with mortgage approvals down 85 per cent year on year....
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