MGIC Investment Corp. and Radian Group were not the only stakeholders to lose confidence in the outlook for the subprime market last week. Across the entire consumer ABS spectrum, capital markets investors dug in their heels and held onto their cash so tightly that they virtually shut down the new-issuance ABS market last week.

Indeed, as of ASR's Thursday deadline, the last consumer ABS transaction to be completed was the Nissan Auto Lease Trust, 2007-A, which priced on Monday. Managed by Citigroup Global Markets and JPMorgan Securities, the deal priced largely within expectations. The short-term notes, taken up by money-market buyers, came in at Libor minus three basis points.

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