In light of the recent challenges to the securitization markets, prominent researchers from various firms have embarked on a wave of retaliation, pointing out that many of those aligning the ABS market with Enron do not fully understanding the concepts they are criticizing.

Last week both Banc One Capital Markets and Merrill Lynch distributed research - Banc One's piece entitled In Defense of Securitization, and Merrill Lynch's entitled ABS - A Market Under Siege?. In their research, both banks note that it is investor reporting that should be scrutinized rather than the ABS market.

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