Many now defunct subprime lenders, all heavy players in the securitization market, were likely done in by bad loans, a new report from First Union Securities suggests. The result has been a reshaped market where reliable benchmarks are hard to find. Many analysts have blamed dubious accounting practices, which inflated earnings and distorted the true value of a company’s assets, as a major culprit behind the demise of the monoline subprime mortgage companies. Those companies