The region encompassing Eastern Europe, the ex-Soviet Union, and the Middle East is expected to continue evolving next year, particularly in existing assets. There's a buzz surrounding Russia, Turkey, Kazakhstan and even parts of the Gulf Region on the potential for securitizing consumer loans, auto loans, and mortgages.

Russia, which in 2005 yielded transactions backed by both ruble-denominated consumer loans and dollar auto loans, could start churning out mortgage deals in 2006, sources said. "It is a challenging legal environment," said David Lautier, vice president at Moody's Investors Service. "But we're going to see more domestic assets, probably RMBS."

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