No one, it seems, can doubt these are tough times for the securitization market. With just over one-and-a-half months left in the year, 2002 will likely set multiple precedents in terms of servicer transfers, early amortization and issuer bankruptcies.

On the forefront, bankrupt independent finance concern Union Acceptance Corp. looks like it is on its way out of the asset-backed market for good, sources said, pending the transfer of its servicing rights, which surety MBIA is actively attempting to implement.

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