Banks are finding new buyers for the complex debt securities that have forced them to write down and suffer credit losses of over $400bn (€254bn) in the last year, as they create new instruments that repackage the same mortgage-backed bonds that were at the core of the credit turmoil.

Wall Street's biggest firms, including Goldman Sachs, JP Morgan and at least six others banks, are repackaging billions of dollars of unwanted mortgage-backed bonds into new instruments, dubbed Re-Remics, that appear in some form similar to collateralised debt obligations, Bloomberg reports.