Bear Stearns plans to release an updated subprime performance model to its trading desk and the public by month's end, said Steven Bergantino, a managing director involved with updating the model.

Basic changes to the model include the incorporation of more recent subprime loan product, performance and prepayment data, and the addition of a loan-level severity model. The model was last updated in early 2002 with historical loan performance data from the late 1990s - when more than half of subprime loans were standard fixed-rated mortgages.

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