| Other institutions arbitrage returns on bonds or loans with relatively high yields through securitizations. |
| In addition, PMI Australia provides credit enhancement for residential mortgage-backed securitizations, which underpin much of the mortgage lending from the non-bank sector. |
| In recent years, black investment banks have made inroads in corporate finance, advisory services and mortgage-backed securitizations. |
| The value of these securities held by financial firms declined, and the market for new subprime securitizations dried up. |
