Is anyone still buying mortgage CDOs?

Does anyone know if investors are still willing to buy new CDO issues at par, full of new-fangled exotic loans (e.g. negative amortization, 100% interest, no-downpayment, etc)? If investors are indeed still buying new mortgage-related CDOs at par despite all the horror stories we are hearing about Bears Stern and the derivatives market then either the rumours we hear (of derivatives market problems) are way over-blown or CDO investors are absolute morons.

This is all very vexing. Since the real-estate market has clearly NOT fallen off a cliff in the last month (which is what would have happened if investors stopped buying new securities issues of exotic mortgage types at par) I have to assume that the secondary market of mortgage securities and derivatives is still functioning pretty well. I guess the only conclusion we can make is that some analysts are over-reacting to the problems at Bears Stern and that there are, in fact, many mortgage securities trading hands all the time with little or no discount.

I have not bought them in awhile.