I'd stay away from CDOs, but there are great opportunities in cash subprime and Alt-A mortgage bonds. If you know how to analyze the deal structures, it can be

I'd stay away from CDOs, but there are great opportunities in cash subprime and Alt-A mortgage bonds. If you know how to analyze the deal structures, it can be very lucrative. If you run the bonds to extremely draconian default and loss scenarios, you can still end up with 15-20% yields. $10,000 is too little -- for agency MBS, $15,000 is the minimum purchase size, and I think the rules are similar for non-agency bonds. Most of the high-end brokerage firms can help you, though. I know Merrill Lynch and Bear Stearns Private Client Services (now a division of JPM) deal in mortgage bonds for individual investors.