Retail investors have much less apprehension about the municipal bond market heading into 2010 than they had at the start of 2009, according to market participants.

Just 12 months ago, mom and pop investors faced much of the same uncertainty they harbored throughout a tumultuous 2008, when the subprime mortgage crisis erupted and the auction-rate securities market failed, followed by the collapse of several Wall Street firms and the bond insurance industry.

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