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FrontPoint Partners,
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how can Standard & Poor's help you?
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Well, we don't understand why
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the ratings agencies haven't downgraded subprime bonds
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since the underlying loans are clearly deteriorating.
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Well, the delinquency rates do have people worried,
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but they're actually within our models.
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- So... - Says you.
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...you're convinced the underlying mortgages
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in these bonds are solid loans.
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That is our opinion, yes.
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Have you looked at the loan-level data?