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Nearly two weeks after the bankruptcy of Lehman Brothers, structured finance trustees are bracing themselves for the fallout from the biggest default ever.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers.

GMAC RFC and Kensington Mortgage are preparing a £3.56 billion ($7 billion) residential mortgage-backed securitization.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers.

Bond Dame We hacks love this time of year — all the borrowers are in town so the banks have to lay on lavish entertainment and sometimes we get invited along. BNP, Barclays, Merrill Lynch and RBC all asked us to their parties — shame on HSBC for not inviting us to their wine tasting. Probably afraid their bankers might give us something to write about.

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Ken Griffin’s $20 billion Citadel Investment Group plans to expand the securitized products platform within its flagship Kensington Global Strategies Fund Limited and offshore counterpart, Wellington Fund LLC.

Credit Suisse will shut down its Credit Suisse Target Return bond fund following bad bets related to the subprime mortgage market. The fund has fallen 14.45% over the past two years as one of its largest holdings, Kensington Mortgages, has fallen more than 50% in the same period, reports reports FundStrategy.co.uk. “We had the view that yield curves would steepen and we thought this fund would benefit, but it didn't," said Toby Ricketts, an investment director at Margetts and an investor in the fund. “They said that the poor performance was due to exposure to mortgage-backed securities.”

Special servicing is gaining new traction in the U.K. as fear grows that the negative credit developments in the U.S. could be replicated across the pond.

The ranch always gets excited at the prospect of the London Marathon. It’s not that Loan Ranger, Tonto and Silver enjoy running in it — we prefer raising money for charity by asking Will Self to share his light-hearted views on the world with the loan market.