PHOENIX - Amid another volume record in 2004, and seemingly endless demand driving spreads to heretofore unseen levels, more than 3,000 delegates and 143 corporate sponsors gathered yesterday for the opening panel discussion of Information Management Network ABS West 2005 conference held here last week, to discuss the next 12 months in securitization markets. While all agreed that the current market conditions were unprecedented and that fundamentals remain positive, many panelists expressed doubt that this environment was sustainable in the long term.

While nobody could definitively say what external event would lead to a market disruption, the theories were abound - from slowing home prices, to the falling dollar and a hedge fund failure.

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