Last week IFR Asset-Backed Securities Senior Analyst, David Graubard, spoke with award-winning Street analyst and head of Bear Stearn's CDO research team, Tracy van Eck, and team member Eric Banks, who is a former CDO trader. The two share Bear Stearn's view on what the market has learned from the relentless number of downgrades in the high-yield sector, current macro-economic challenges, and what the future holds in store for CDO investors and practioners.

DG : Where is the lagging U.S. economy affecting CDO performance aside from rating volatility, certainly the HY CDOs have taken some hits?

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