CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 5,169.8 1 33.4 6 Banc of America Securities LLC 4,312.4 2 27.9 6 Morgan Stanley 1,929.0 3 12.5 2 Deutsche Bank AG 1,425.0 4 9.2 8 Wachovia Corp 962.5 5 6.2 3 HSBC Holdings PLC 500.0 6* 3.2 1 Lehman Brothers 500.0 6* 3.2 4 Citigroup 500.0 6* 3.2 1 Royal Bank of Scotland Group 87.5 9* 0.6 1 Credit Suisse 87.5 9* 0.6 1 Industry Total 15,473.7 - 100.0 26 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 8,094.7 1 12.1 12 Deutsche Bank AG 7,188.2 2 10.8 9 Merrill Lynch 7,066.4 3 10.6 7 Barclays Capital 6,061.1 4 9.1 12 Lehman Brothers 4,868.2 5 7.3 11 Countrywide Securities Corp 4,742.0 6 7.1 3 Morgan Stanley 4,342.5 7 6.5 4 Goldman Sachs & Co 4,251.7 8 6.4 5 Royal Bank of Scotland Group 3,661.7 9 5.5 6 JP Morgan 3,367.1 10 5.0 4 Industry Total 66,768.5 - 100.0 90 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Banc of America Securities LLC 3,504.0 1 25.6 4 Goldman Sachs & Co 1,555.7 2 11.4 2 Lehman Brothers 1,380.7 3 10.1 1 Barclays Capital 1,343.3 4* 9.8 1 Morgan Stanley 1,343.3 4* 9.8 1 Credit Suisse 1,343.3 4* 9.8 1 UBS 1,132.7 7 8.3 3 JP Morgan 716.2 8 5.2 2 Citigroup 550.1 9 4.0 2 Merrill Lynch 422.5 10 3.1 1 Industry Total 13,666.9 - 100.0 8 Source: Thomson Financial

auto ABS 11% credit card ABS 8% equipment ABS 1% real estate ABS 67% student loan ABS 13%

Bankruptcy rumors swirled around top-three subprime lender New Century Financial Corp. last week - with one analyst likening the company's financial condition to a "death spiral" - as it ceased accepting mortgage applications and entertained heated discussions with its warehouse lenders and other liquidity providers. As of press time, New Century had secured amended warehouse agreements with six of its lenders, although its fate was largely contingent on the funding decisions of the five additional lenders in contracts with the company.

As some of the largest subprime mortgage lenders teeter on the edge of bankruptcy, ABS investors are turning an increasing amount of attention to the quality of servicing those loans might be receiving.

Whenever the capital markets - or any other market, for that matter - experiences extreme booms and busts, there is usually talk of an overarching repricing of its products.

Rams Home Loans, a specialty mortgage lender, has launched Rams Funding Three LLC and Rams Funding Proprietary Ltd., both of which will issue secured liquidity notes (SLNs).

The structured finance CDO sector was caught once again in the turmoil of uncertain warehouse lines, liquidation and a challenging pricing environment last week, as subprime lenders and the mortgages they originated continued to show strain.