Open Invitation to the Structured Finance Community to Join the American Securitization Forum

Our most important goal is to secure an ASF membership that is as broadly representative of our market as possible. To help achieve this goal, and because we have almost reached our budget goals for this year, we have reduced ASF dues for certain member categories - investors and issuers, in particular - for the remainder of the year. Annual membership dues for investors have been reduced substantially from their original levels. In addition, full-year 2002 dues have been reduced by 50% for investors and issuers through Dec. 31, 2002.

One of our primary initiatives, which is being pursued by the ASF's Market Standards and Practices Committee, is the formulation of a set of recommended "best industry practices" to bring greater standardization and efficiency to various reporting, monitoring, syndication, and related transactional processes that are common to many securitizations. Broad participation - by institutions of all sizes and resources - is especially important to make the resulting best practices as representative of the securitization industry as possible.

This, in turn, will help ensure broad recognition and observance of these guidelines by market participants. We want to provide the entire securitization industry with an opportunity to join us in this endeavor. Because investors are the ultimate consumers of structured finance products and the principal beneficiaries of such standardization, we believe their active participation in the ASF - and in projects such as this - is essential.

On the educational front, we anticipate sponsoring various industry seminars, educational programs, and other informational initiatives to educate and inform policymakers and the broader financial services industry about the securitization market and the important role it plays in delivering benefits to businesses and consumers throughout the U.S. The ASF will also keep legislators, regulators, and other important constituencies informed about current issues that may require their attention.

Your involvement in the ASF is of fundamental importance. We believe that the forum will become the primary vehicle through which structured finance professionals will shape the market for years to come. Moreover, your participation will allow your own organization's interests to be heard and reflected in the formulation of our response to the important issues of the day.

We encourage you to join your professional colleagues and peers as a member by contacting the ASF at the telephone number below. An ASF representative will be pleased to answer any questions you may have about joining the ASF. Membership and other details concerning the ASF are also available on our website at: http://www.americansecuritization.com/join.html

Vernon WrightJason KravittGreg MedcraftJoseph Donovan

ChairmanSecretary Vice ChairmanTreasurer

Contact:

Dwight Jenkins: (212) 440-9400 or George Miller: (212) 440-9403

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