ABX: These residential mortgage backed indices, for the most part, are basically stuck at all time lows. The lower rated tranches have little chance of ever recovering value, reflecting the worthlessness of sub-prime loans and the like. The higher rated tranches are still under pressure, although off their lows.
CMBX: These commercial mortgage backed indices have recovered since the announcement that CMBS would be TALF eligible. However, recent ratings agency actions have prompted a wave of profit taking.
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