Carmel Pacific Financial is expected to be the next big asset-backed player on the buyside, as this newcomer is looking to purchase over $1 billion in guaranteed asset-backed securities.

Internet commerce developer West Avenue International Inc. has forged an agreement with Carmel Pacific to seek out investment opportunities in almost anything that is "secured or insured," said a source close to the situation. Both Carmel Pacific and West Avenue are sibling companies and part of the same trust.

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