The asset-backed securities market proved to be a mixed bag last week, with some describing the market as quiet - "You could hear a pin drop," said one trader - while others called it "a scramble for paper." And even though volume for the week neared $4.7 billion, the overall sentiment was that there hadn't been the kind of issuance anticipated for this time in September.

According to a banker who worked on two of last week's deals, issuers have been both anxious and hesitant. "I think what you're seeing," the source said, "is that people are doing deals now just so they don't have to worry about doing anything in the fourth quarter."

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