In these shaky times, many investors and asset-management shops dabbling in the securitization markets have tightened up on credit, targeting higher quality, top-tier, often none-too-exciting assets.

Still, there are pockets of high-quality value to be found if you know where to look, according to Thomas Sontag, portfolio manager in charge of ABS and MBS at Milwaukee-based Strong Capital Management. For example, Strong, which is currently shopping in cautious mode, has found juice in secondary CDO paper, a market in the initial stages of development.

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