The turning point in the market's evolution occurred in 2001 with
the completion of the industry's first major institutional transaction.
The introduction of the first institutional capital not only legitimized the concept,
but also initiated the development of quality controls that the industry needed to grow.
Independent estimates place the market at more than $12 billion face value in 2007,
up from $2 billion in 2002.* By 2030, the secondary market is projected to reach more
than $188 billion in face amount,** though many industry experts feel this number
may actually be understated (see below).
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