Cornerstone Research staff and experts bring extensive expertise to the analysis and valuation of structured debt instruments and their derivatives. Mortgage-backed securities (MBS), asset-backed collateralized debt obligations (CDOs), credit default swaps (CDS), and other related structured finance securities have been at the center of the subprime mortgage litigation wave. For a number of reasons, it can be challenging to value these financial instruments: These instruments often trade infrequently and privately, and it can be difficult to observe a market price. The potential illiquidity of a particular instrument at a given time can have an impact on its value. Their values vary with the credit risk, prepayment risk, interest rate sensitivity, and optionality of the underlying loans an

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