CDOs/CLOs

Countrywide Securities analysts have highlighted their recent production activity and applications trends in light of the decline in interest rates and shifts in the yield curve.

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 10,940.0 1 14.4 18 JP Morgan 10,765.7 2 14.2 22 Wachovia Corp 10,448.2 3 13.7 18 Barclays Capital 8,026.2 4 10.6 13 Deutsche Bank AG 6,768.3 5 8.9 15 Banc of America Securities LLC 5,021.6 6 6.6 9 Credit Suisse 4,066.8 7 5.3 8 Royal Bank of Scotland Group 3,644.0 8 4.8 8 Merrill Lynch & Co Inc 3,290.4 9 4.3 6 HSBC Holdings PLC 3,227.9 10 4.2 4 Industry Total 76,024.1 - 100.0 81 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 Merrill Lynch & Co Inc 41,073.0 1 14.4 58 Citigroup 32,460.9 2 11.4 57 Deutsche Bank AG 26,581.0 3 9.3 54 UBS 20,852.1 4 7.3 58 Credit Suisse 20,453.3 5 7.2 30 Bear Stearns & Co Inc 17,688.6 6 6.2 36 Wachovia Corp 17,345.4 7 6.1 42 Banc of America Securities LLC 16,965.1 8 6.0 36 Morgan Stanley 16,376.1 9 5.7 63 JP Morgan 14,909.1 10 5.2 36 Industry Total 285,045.3 - 100.0 566 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 18,719.8 1 30.4 27 Citigroup 10,982.0 2 17.8 16 JP Morgan 9,874.7 3 16.0 22 Morgan Stanley 4,055.3 4 6.6 5 Deutsche Bank AG 3,924.9 5 6.4 12 Barclays Capital 3,373.8 6 5.5 8 HSBC Holdings PLC 2,749.9 7 4.5 3 Credit Suisse 2,285.0 8 3.7 10 Merrill Lynch & Co Inc 1,375.0 9 2.2 5 Wachovia Corp 1,124.9 10 1.8 4 Industry Total 61,622.9 - 100.0 93 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 JP Morgan 2,125.0 1 18.4 3 Deutsche Bank AG 1,750.0 2 15.1 3 Banc of America Securities LLC 1,554.5 3 13.4 3 Barclays Capital 1,409.5 4 12.2 2 ABN AMRO 1,250.0 5* 10.8 2 Lehman Brothers 1,250.0 5* 10.8 2 Royal Bank of Scotland Group 1,000.0 7 8.7 2 Merrill Lynch & Co Inc 925.0 8 8.0 2 Citigroup 300.0 9 2.6 1 Industry Total 11,564.0 - 100.0 10 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 Lehman Brothers 61,568.9 1 11.3 136 Royal Bank of Scotland Group 58,496.5 2 10.7 108 Countrywide Securities Corp 49,152.7 3 9.0 83 Citigroup 40,708.3 4 7.5 89 Deutsche Bank AG 39,018.8 5 7.2 90 Credit Suisse 36,107.6 6 6.6 86 Morgan Stanley 31,007.1 7 5.7 33 Merrill Lynch & Co Inc 30,201.8 8 5.5 50 JP Morgan 29,557.5 9 5.4 67 Bear Stearns & Co Inc 28,447.2 10 5.2 86 Industry Total 544,938.9 - 100.0 1,005 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 11,358.1 1 19.1 13 Deutsche Bank AG 8,562.5 2 14.4 12 Credit Suisse 6,548.1 3 11.0 10 Wachovia Corp 4,871.9 4 8.2 4 Banc of America Securities LLC 4,720.6 5 8.0 6 Morgan Stanley 4,248.4 6 7.2 6 Lehman Brothers 3,873.7 7 6.5 3 Merrill Lynch & Co Inc 3,819.9 8 6.4 4 Goldman Sachs & Co 3,809.3 9 6.4 5 RBC Capital Markets 2,179.0 10 3.7 4 Industry Total 59,340.9 - 100.0 42 Source: Thomson Financial

auto ABS 11% credit card ABS 8% catatrophe bonds 0% enterprise finance 0% equipment ABS 2% real estate ABS 70% structured settlements 0% student loan ABS 8% trade receivables 1% utilities ABS 0%

Barclays Bank PLC made a couple of key appointments to its investment banking division, Barclays Capital, this week. It recruited Bill Archer as managing director and head of its U.S. leveraged credit risk group, and Vincent Breitenbach as managing director and head of credit research for the Americas. Working from New York, Breitenbach will oversee research for U.S. investment grade, high yield and securitization as well as corporate credit research for Latin America. He will report to Mark Howard, managing director and head of research at Barclays Capital. Archer will oversee the leveraged credit risk management team within the investment bank's Global Financial Risk Management department. Previously, Breitenbach was a managing director at Countrywide Financial Corp., where he oversaw fixed income investor and bank relations, rating agency relationship management and internal capital structure advice. He was also a managing director at Lehman Brothers, covering corporate bond research for specialty finance companies, U.S. banks and securities firms. Archer was a managing director and co-chairman of the capital markets committee at Goldman Sachs. He also worked at Deutsche Bank for three years and at Bankers Trust for 18 years before that. Archer, who started today, is based in New York and reports to Ian Prior, a managing director and chief credit officer for the Americas.

A disagreement between the Big Four accounting firms and the ABS community could mean that issuers have even more Regulation AB-related paperwork than they expected at the end of 1Q07 - when the deadline for most revamped 10-K filings for registered securitizations rolls around.