The General Motors Corp. and Ford Motor Co. fallout put corporate market volatility in the spotlight last week, softening spreads further on the European front but analysts at least had some good news with regards to deals tied to the two names.

GM and Ford are tied to a number of European RMBS, CMBS and auto ABS, both at the originator and servicer levels. Ford has four deals outstanding from its Globaldrive series, issued through its European subsidiary FCE Bank. GM is tied to GMAC-RFC, the mortgage lender that is a wholly owned subsidiary of GM's lending arm General Motors Acceptance Corp. GMAC-RFC's Dutch mortgage shelf, E-MAC, and its U.K. shelf, RMAC, transactions have all been put in question following the downgrades.

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