Weeks after announcing poor 4Q07 earnings and massive write-downs, Merrill Lynch is making drastic cuts to its structured finance group.

In tandem with recently laying off as many as 60 people, by some accounts, the company will wind down much of its entire structured products portfolio. That means the company could put as much as $30 billion in CDOs, MBS and other structured product paper on the block, according to people familiar with the company.

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