The so-called foreclosure scandal has grabbed headlines over the past month. ASR's November issue looks beyond the mainstream coverage to its effect on bondholders.

In the cover story, Nora Colomer says the delay in foreclosures should have a minimal impact on the senior bonds in RMBS, although slower prepayments might chip away at their longer-term performance. It's the subordinated tranches that are in for trouble, as the longer liquidation process feeds into losses.

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