Paradise Island, Bahamas - The setting here last week was strikingly apropos: overcast, cloudy skies -the vestige of passing hurricanes - doused this tropical island with fits and starts of rain as more than 1,700 delegates from across the United States coalesced to grapple with how the asset-backed community has weathered its own storms and tempests over the last year.

And the consensus is that neither the ABS market nor the Fabozzi/IMN-sponsored sixth annual convention was a washout; but the major themes of the event - continuing industry consolidation, the impact of rampant personnel changes and a "war on talent," the need for further innovation, increasing globalization and the ramifications of looming regulatory changes - pointed toward the reality that while ABS has been performing well recently, it is not quite paradise.

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