From Dow Jones: US Broker-Dealer Circulating List Of Subprime Bonds For Sale. Some excerpts:
In what one investor characterized Tuesday as a "fire sale," a broker dealer - which the investor said was John Devaney's United Capital Markets ... circulated a list of subprime mortgage bonds for sale.
The low prices of the bonds may point to a continued broad-based cheapening of the whole subprime sector.
The offering was for 11 different classes of bonds totalling $82 million, including $10 million in below-investment-grade subprime mortgage-backed bonds from an Ameriquest Mortgage issuer at 58 cents on the dollar.
Other below-investment-grade bonds from separate issuers were listed as sold, with final offering prices for two such bonds listed at 45 cents and 28 cents on the dollar. There was also $32 million in AAA-rated bonds listed at 92 cents on the dollar.