Accredited Home Lenders, which plays in both the debt and equity courts, is pumped for the fourth quarter. Perhaps that's because co-founder Ray McKewon is betting his firm, a subprime lender, will grow despite a rising interest rate environment (see ASR 6/30/03). Or it may have to do with rumors of a sixth mortgage securitization in the works.

Accredited is expected to price a $414 million deal in the near future, which would be wrapped by Ambac, said one source. There's a change in the investment banking lineup for this transaction, however. Credit Suisse First Boston is said to be the lead on this deal with Lehman Brothers taking second chair. The lender's five previous securitizations were all led by Lehman.

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