An unstable asset-backed securities market is getting even more volatile as a number of veteran researchers are moving houses and shaking up businesses.

In the last few months, several ABS players have raided their rivals' top research pros, in some cases overturning research operations that have been in place for at least half a decade. Most recently, Chase Manhattan Corp. set the Street abuzz with its poaching of three longtime mortgage analyst pros from Merrill Lynch & Co. that will likely force out its old head of ABS research, Tom Hourican.

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