After the downturn in 2007 and 2008 decimated their returns, investors in private-label mortgage securities demanded greater disclosure from issuers. Well, they got more, but not always better.

Among the many things that continue to dampen investor interest in the asset class are 75-page term sheets and "soul-sucking" offering circulars, says John Vibert, a managing director and portfolio manager at BlackRock Advisors.

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