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 14,292.5 1 34.4 24 Citigroup 9,447.3 2 22.8 19 Lehman Brothers 4,595.5 3 11.1 9 Barclays Capital 3,184.2 4 7.7 9 Credit Suisse First Boston 2,550.4 5 6.2 9 Banc of America Securities LLC 2,468.1 6 6.0 10 Deutsche Bank AG 1,875.0 7 4.5 8 Morgan Stanley 950.0 8 2.3 5 Merrill Lynch & Co Inc 827.2 9 2.0 3 Wachovia Corp 775.0 10 1.9 4 Industry Total 41,500.1 - 100.0 75 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 3,958.0 1 30.8 6 Morgan Stanley 2,249.7 2 17.5 3 Banc of America Securities LLC 2,190.6 3 17.0 4 Merrill Lynch & Co Inc 1,728.6 4 13.4 2 Credit Suisse First Boston 1,058.0 5 8.2 3 JP Morgan 728.6 6 5.7 1 HSBC Holdings PLC 708.0 7 5.5 2 ABN AMRO 250.0 8 1.9 1 Industry Total 12,871.5 - 100.0 11 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 Countrywide Securities Corp 56,046.2 1 13.9 54 Royal Bank of Scotland Group 46,644.9 2 11.6 86 Lehman Brothers 40,997.5 3 10.2 83 Credit Suisse First Boston 33,467.1 4 8.3 63 Morgan Stanley 30,622.1 5 7.6 61 Bear Stearns & Co Inc 30,257.3 6 7.5 60 Banc of America Securities LLC 27,060.1 7 6.7 66 Deutsche Bank AG 24,827.3 8 6.2 65 Citigroup 23,136.1 9 5.7 65 Merrill Lynch & Co Inc 15,871.2 10 3.9 33 Industry Total 403,013.2 - 100.0 729 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 5,866.6 1 14.2 9 Merrill Lynch & Co Inc 5,835.5 2 14.2 7 Citigroup 5,171.7 3 12.5 7 Morgan Stanley 4,582.9 4 11.1 8 JP Morgan 3,881.5 5 9.4 7 Credit Suisse First Boston 3,657.4 6 8.9 5 Banc of America Securities LLC 3,467.2 7 8.4 4 UBS 2,782.5 8 6.7 6 Lehman Brothers 2,524.1 9 6.1 4 Goldman Sachs & Co 1,415.0 10 3.4 2 Industry Total 41,254.6 - 100.0 35 Source: Thomson Financial

Year to date as of Oct 20 Coupon Type Market Average Life Buckets Asset Class Volume Pub/144A Fixed Rate Floating Rate Public 144A 0.0 to 0.9 1.0 to 2.9 3.0 to 5.9 6.0 to 7.9 8.0 to 11.0 Aircraft Leases 126 126 126 126 Auto Loans/Recs 41,391 36,622 4,769 35,132 6,259 16,580 18,742 6,069 Comm. Mtg 2,899 1,294 1,605 2,899 1,261 229 829 540 Commercial Loans Corp Bond/Note 3,846 1,696 2,150 3,846 2,569 746 45 485 Corporate Loans 5,352 286 5,066 5,352 2,480 395 370 1,192 914 Credit Card Rec 28,632 10,299 18,333 24,659 3,974 19,334 1,400 5,749 900 1,249 Debentures 2,122 2,122 2,122 2,122 Equip Loans Equip. Leases 4,744 4,469 275 4,164 580 2,293 1,388 554 221 289 Floorplan Recs 8,026 840 7,186 7,902 124 4,014 830 3,182 Franchisee Loans 194 194 194 Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 1,174 64 1,110 1,174 38 10 284 842 Mixed Collateral 1,881 7 1,874 1,881 1,500 306 22 53 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 2,740 2,740 2,740 313 1,923 504 Mutual Fund Fees 501 331 170 501 501 Non-Jumbo Mtg Ln 68,520 31,864 33,291 65,728 2,793 41,621 14,956 10,760 849 319 Oil Receivables Preferred Sec 3,597 2,268 1,330 3,597 3,253 158 186 Prv Issued Sec 1,852 1,079 380 590 1,262 1,852 Rental Car Rec. 2,400 1,300 1,100 2,400 1,300 1,100 Rev Cred/Home Eq 216,332 125,057 77,504 186,006 30,325 143,388 44,757 25,956 1,606 553 Sm Business Loan 828 828 828 828 Struc Fin Credit 14,838 6,458 8,380 14,838 5,807 2,507 4,928 1,508 Student Loans 30,626 6,957 21,983 25,639 4,986 17,780 3,239 4,044 3,663 1,808 Tax Liens Ticket Rec Timeshare Loans 635 386 250 635 336 300 Tobacco Receives Trade Recs Unspecified/NA Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 48% Non-Jumbo Mtg Ln 15% Auto Loans/Recs 9% Student Loans 7% Credit Card Rec 6% Other 15%

BOCA RATON, FLA - With a record 2,600 delegates in attendance, Information Management Network hosted its tenth annual ABS East conference last week. While the rest of the country was gripped by the run-up to the election, securitization players descended on balmy Boca Raton to focus on issues particular to them. High on the agenda were persistently compressed spreads, the boom in alternative mortgage products in a rising interest rate environment, and tighter scrutiny from regulators.

Wisconsin is the latest state to hire financial advisor Saber Partners to oversee an upcoming public utility securitization program, in the hopes of reducing pricing levels for the proposed deals and to drive the underwriters it hires to go the extra mile when selling the bonds.

Moody's Investors Service is not going to let the promise of Russian future flows slip away. Absent from the blowout $1.25 billion export deal issued by oil giant Gazprom in July, the agency is now rating what looks to become the second future flows structure from the country, a $200 million credit-card backed deal originated by Rosbank. Merrill Lynch and Credit Suisse First Boston are leading the transaction. Fitch Ratings is reportedly assessing the deal as well.

Earlier this year, Origen Financial met the rating agencies' tough new stance on credit enhancement in the manufactured housing sector with a fresh infusion of equity capital. Since February, the lender has been in the market twice, and plans to maintain that pace going forward.