Greenpoint Financial Corp. may postpone issuing its fifth securitization of manufactured housing collateral, according to Chuck Richardson, new head of securitization at the firm, as sloppy market conditions have made spreads unattractive for issuers, particularly those residing in the mortgage-related sectors.

"The market right now does not seem rational to us," Richardson said. "Credit spreads need to show signs of rational behavior, and then we'll be in the market."

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