CDOs/CLOs

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 11,408.3 1 26.9 16 Citigroup 8,982.0 2 21.2 13 JP Morgan 7,824.7 3 18.4 18 Deutsche Bank AG 2,974.9 4 7.0 9 Barclays Capital 2,831.9 5 6.7 7 Morgan Stanley 2,289.1 6 5.4 4 Credit Suisse 1,785.1 7 4.2 9 ABN AMRO 1,000.0 8* 2.4 5 Merrill Lynch & Co Inc 1,000.0 8* 2.4 4 HSBC Holdings PLC 1,000.0 8* 2.4 1 Industry Total 42,447.9 - 100.0 65 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 21,807.6 1 12.3 32 Citigroup 20,713.6 2 11.7 36 Deutsche Bank AG 17,061.1 3 9.7 23 Banc of America Securities LLC 12,209.6 4 6.9 28 Bear Stearns & Co Inc 12,103.5 5 6.9 23 Wachovia Corp 11,519.9 6 6.5 29 Credit Suisse 10,506.7 7 5.9 19 UBS 9,676.6 8 5.5 40 Morgan Stanley 9,564.8 9 5.4 35 JP Morgan 8,283.2 10 4.7 21 Industry Total 176,649.7 - 100.0 339 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 Deutsche Bank AG 1,750.0 1 21.3 3 ABN AMRO 1,250.0 2* 15.2 2 Lehman Brothers 1,250.0 2* 15.2 2 Royal Bank of Scotland Group 1,000.0 4* 12.2 2 Banc of America Securities LLC 1,000.0 4* 12.2 2 Barclays Capital 855.0 6 10.4 1 JP Morgan 500.0 7 6.1 1 Merrill Lynch & Co Inc 300.0 8* 3.7 1 Citigroup 300.0 8* 3.7 1 Industry Total 8,205.0 - 100.0 7 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 36,779.5 1 10.2 85 Countrywide Securities Corp 31,733.9 2 8.8 50 Royal Bank of Scotland Group 31,220.0 3 8.7 76 Credit Suisse 27,916.1 4 7.8 74 Morgan Stanley 27,249.1 5 7.6 28 Deutsche Bank AG 25,876.4 6 7.2 55 Bear Stearns & Co Inc 23,012.5 7 6.4 70 Merrill Lynch & Co Inc 21,122.1 8 5.9 36 Citigroup 19,526.3 9 5.4 52 Goldman Sachs & Co 19,441.5 10 5.4 42 Industry Total 359,710.1 - 100.0 695 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 7,390.8 1 18.0 10 Deutsche Bank AG 6,320.7 2 15.4 9 Goldman Sachs & Co 3,809.3 3 9.3 5 Merrill Lynch & Co Inc 3,420.1 4 8.3 3 Banc of America Securities LLC 3,418.5 5 8.3 5 Credit Suisse 3,306.5 6 8.1 6 Lehman Brothers 2,834.1 7 6.9 2 Morgan Stanley 2,568.2 8 6.3 3 Wachovia Corp 1,610.0 9 3.9 1 RBC Capital Markets 1,500.0 10 3.7 2 Industry Total 41,000.5 - 100.0 31 Source: Thomson Financial

auto ABS 10% credit card ABS 8% enterprise finance 0% equipment ABS 2% real estate ABS 70% structured settlements 0% student loan ABS 8% trade receivables 1% utilities ABS 0%

Despite the predominant prediction of slowing subprime mortgage volume this year, the sector reached near-record issuance levels in the second quarter. Subprime issuance to the secondary market amounted to $127 billion, up from $114.3 in the first quarter and almost matching the record $128.6 billion reached in the fourth quarter, of 2005, according to UBS. Year-to-date issuance in the subprime sector is actually exceeding 2005 levels, at $246 billion compared to $217 billion a year earlier. And even though a handful of subprime lenders - such as Ameriquest Capital Corp. - have drastically trimmed operations - more than a few lenders, including NovaStar Financial, IndyMac Bancorp and American Home Mortgage Investment Corp., recently reported record origination volume in the three months ending June 31.

Fitch Ratings has added three new members to its growing ABS group, Les Scharfstein, David Petu and Kevin Corrigan. "Each brings a wealth of securitization experience and industry-wide recognition to our already well-seasoned team," said Kevin Duignan, head of Fitch's ABS group.

Last week the Securities and Exchange Commission released clarifying guidance on Regulation AB -Item 1122, Compliance with applicable servicing criteria. Early in April, representatives from the big four accounting firms as well as officials from the American Securitization Forum and the Mortgage Bankers Association met with 10 members of the SEC staff to seek clarification on a number of interpretive issues regarding this item.

For several weeks now, the asset securitization market has been able to sustain moderate production volumes in the face of the usual summer slowdown. Last week, however, the market showed significant signs of losing steam.