The overall securitization market may be on government life-support, but its smaller neighbor - the Re-REMICs market (re-REMICs is shorthand for resecuritization of real estate mortgage investment conduit securities) - is going gangbusters.

Unlike the mortgage-backed securities market, demand for re-REMICs didn't freeze completely after the subprime meltdown and the financial market blowout last fall. Since January, business has been especially brisk - one estimate puts it at $90 billion worth of deals - and seems to be establishing a baseline for the broader market to start increasing private-sector originations of residential mortgage-backed and other asset-based securities.

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