Investors and issuers mounted a defense of the use of securitisation at a symposium in Brussels held by the European Securitisation Forum, an affiliate of SIFMA. Saying the securitisation model still worked there is hope that returns will help investors to return, but consensus is that this may not happen until later in 2008. "The market could pounce pretty quickly ... It's a question of when psychology turns," said Rick Watson, managing director and head of the ESF.

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