Though the scars are still showing from the liquidity crisis that befell subprime mortgage-backed securities issuers toward the end of last year, subprime securitizations still made a strong showing in 1999 despite the fact that volume is off for the sector and credit quality has not markedly improved.

According to several reports issued by the structured finance group at Moody's Investors Service, even though there was much talk about improving credit qualities for home equity product following the rose of the liquidity crisis, pool characteristics have not taken a dramatic swing for the better.

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