During the crazy days of the housing bubble in 2006, bankers created a bond called MABS 2006-FRE1. Today, the subprime bond is rising from the ashes. The subprime borrower isn’t.

The instrument gave buyers the right to payments on the subprime housing loans of nearly 2,000 borrowers.

Six months after the security was issued, a trader called it a “crap bond.”

The seeming paradox is one of the consequences of the Federal Reserve’s policy of “quantitative easing” – an attempt by the U.S. central bank to help spur the economy by buying assets to generate huge volumes of cheap credit.