This is how one fund managers sees the opportunities offered by been short sub-prime mortgage bonds. These are US bonds backed by home loans from less creditworthy borrowers that became well know in mid February when the sub-prime crisis hit the street. Though there is a myriad of these bonds there is a benchmark index called ABX that is tradable and tracks different sectors of this market. The most frequently traded ABX index (http://www.markit.com) corresponds to mortgage-backed bonds rated BBB and issued in 2006. In February the ABX fell 30 %. This sharp drop was initiated by shaky conditions in the sub-prime markets. Foreclosure rose in the US and many lenders got out of business. The performance of the ABX index was largely exacerbated by hedge funds