CDOs/CLOs

A move toward increasing deposits could affect the level of securitization business done by Capital One, the company said during a presentation at last week's Investors Conference hosted by Friedman, Billings, Ramsey Group.

In scaling back a $2 billion loan-origination program by more than half, diversifying its business with monolines and raising FICO targets, it appears a leaner AmeriCredit Corp. has emerged to close out 2003. Speaking to equity investors last week at Friedman, Billings, Ramsey Group's Annual Investor Conference, company President Daniel Berce credited the ABS market for providing the liquidity it needed throughout the year.

Year to date as of 12/10 Term (days) 12/04 12/05 12/08 12/09 12/10 1-week

2003 2002 2001 ABS (Public and 144A) 531,261 412,274 346,881 ABS (Public and 144A excluding CDOs) 488,837 366,574 300,564 ABS (Public Only) 428,095 330,142 255,987 ABS (144A Only) 103,166 82,132 90,894 Non-Agency MBS 307,964 232,079 182,467 Agency MBS 537,092 502,875 340,515 CMBS 65,452 47,687 59,383 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 11,052.5 1 16.4 17 Credit Suisse First Boston 7,996.7 2 11.9 15 Morgan Stanley 7,181.2 3 10.7 10 Deutsche Bank AG 7,041.4 4 10.5 11 Citigroup 5,750.3 5 8.6 11 BANK ONE Corp 5,321.8 6 7.9 10 Banc of America Securities LLC 4,347.2 7 6.5 10 Barclays Capital 4,301.4 8 6.4 11 Wachovia Corp 2,978.1 9 4.4 11 Bear Stearns & Co Inc 2,856.5 10 4.3 1 Industry Total 67,256.1 - 100.0 85 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 Credit Suisse First Boston 5,935.8 1 14.0 16 Wachovia Corp 4,137.6 2 9.8 16 Deutsche Bank AG 4,121.1 3 9.7 11 Goldman Sachs & Co 3,450.3 4 8.1 7 Citigroup 3,321.7 5 7.8 10 Bear Stearns & Co Inc 2,834.2 6 6.7 11 Merrill Lynch & Co Inc 2,690.7 7 6.3 9 Morgan Stanley 2,582.6 8 6.1 8 UBS 2,245.0 9 5.3 5 Lehman Brothers 2,179.4 10 5.1 7 Industry Total 42,424.2 - 100.0 120 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 14,670.9 1 23.3 21 BANK ONE Corp 11,756.6 2 18.7 22 JP Morgan 10,553.7 3 16.8 18 Barclays Capital 5,748.8 4 9.2 12 Banc of America Securities LLC 4,062.3 5 6.5 13 Morgan Stanley 3,954.5 6 6.3 5 Deutsche Bank AG 3,834.6 7 6.1 14 Credit Suisse First Boston 2,818.7 8 4.5 10 Lehman Brothers 2,048.1 9 3.3 7 Merrill Lynch & Co Inc 1,744.5 10 2.8 7 Industry Total 62,850.8 - 100.0 104 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 2,184.6 1 27.8 7 Banc of America Securities LLC 922.7 2 11.8 2 BANK ONE Corp 900.0 3 11.5 2 JP Morgan 875.0 4 11.2 4 Barclays Capital 710.7 5* 9.1 1 Lehman Brothers 710.7 5* 9.1 1 Merrill Lynch & Co Inc 521.2 7* 6.6 2 Societe Generale 521.2 7* 6.6 2 Citigroup 500.0 9 6.4 1 Industry Total 7,846.1 - 100.0 12 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 37,422.4 1 13.2 90 Citigroup 26,404.0 2 9.3 67 Credit Suisse First Boston 25,476.2 3 9.0 61 Morgan Stanley 23,662.9 4 8.4 50 Royal Bank of Scotland Group 22,936.0 5 8.1 47 JP Morgan 20,260.5 6 7.2 28 Bear Stearns & Co Inc 20,158.6 7 7.1 43 Countrywide Securities Corp 19,852.7 8 7.0 38 Deutsche Bank AG 19,555.4 9 6.9 47 Banc of America Securities LLC 18,659.3 10 6.6 57 Industry Total 282,803.0 - 100.0 564 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 7,352.6 1 21.2 14 Merrill Lynch & Co Inc 5,143.5 2 14.8 11 Morgan Stanley 4,898.6 3 14.1 10 Credit Suisse First Boston 4,203.5 4 12.1 9 Deutsche Bank AG 3,841.8 5 11.1 7 UBS 2,368.0 6 6.8 5 JP Morgan 2,096.2 7 6.0 6 Banc of America Securities LLC 2,090.1 8 6.0 6 Lehman Brothers 956.3 9 2.8 2 BANK ONE Corp 507.6 10 1.5 1 Industry Total 34,713.0 - 100.0 36 Source: Thomson Financial