While the notion of Wall Street as the big, bad subprime mortgage vacuum gained steam in Congressional hearings and the popular press last week, some CDO managers say that they, along with other home equity loan buyers, are just as much a victim of irresponsible subprime lending as the little old lady pursued by the big bad wolf, er, mortgage broker.

They contend that liquidity providers - whether it be a mortgage loan underwriter, warehouse lender or CDO manager - are, in many cases, being unfairly blamed as the reason behind mounting delinquencies and foreclosures within the subprime lending industry.

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