Dust and debris are beginning to clear from recent volatility in the subprime MBS market, as recent pricings attest. The mood seems better, and although participants do not think the market has reached bottom, they say conditions have stopped deteriorating, for the moment.

In that case, some market participants say, maybe now is the time to bring some long-overdue tidying up to specialty lender Business Loan Express. The routine issuer is polishing off an agreement with the Small Business Administration (SBA), aimed at increasing oversight of some of BLX's operations and halting fraudulent lending practices.

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