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By one estimate, as much as $1.9 trillion of lending capacity — the rough equivalent of half of all the money borrowed by businesses and consumers in 2007, before the recession struck — has been sucked out of the system.

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The market for new securities backed by mortgages and other types of loans has collapsed. Last year, investors bought $313.9 billion of these securities, down from $1.6 trillion in 2007 and $2.1 trillion in 2006, according to Dealogic.

Who passed all the tests? Among the 416 large value funds tracked by Morningstar, 17 finished in the top quarter of their category for all three years. Many of the winners emphasize high-quality dividend-paying stocks, which often prove resilient in difficult markets.

A top performer is Cullen High Dividend Equity(CHDEX Quote - Cramer on CHDEX - Stock Picks). Portfolio manager James Cullen favors steady businesses with little debt. A top holding is Kraft Foods(KFT Quote - Cramer on KFT - Stock Picks), which has solid profits and a dividend yield of 4.6%.

Another consistent choice is MFS Value(MEIAX Quote - Cramer on MEIAX - Stock Picks). The fund avoids troubled turnarounds, focusing instead on companies with strong balance sheets and secure niches, such as Lockheed Martin(LMT Quote - Cramer on LMT - Stock Picks). The defense contractor should report steady profits, even if the recession worsens.

For a steady large growth choice, try Sentinel Growth Leaders(BRFOX Quote - Cramer on BRFOX - Stock Picks). Portfolio manager Elizabeth Bramwell favors reliable companies that have relatively low prices. A big holding is hamburger chain McDonald's(MCD Quote - Cramer on MCD - Stock Picks), which is enjoying steady sales. By holding such predictable stocks, Sentinel should be positioned to survive downturns and lead the pack when the markets finally revive.