A heavy slate of mortgage-related issuance, with $2.375 billion from GMAC-RFC, made up the lion's share of the roughly $5.3 billion in asset-backed supply last week. Auto loan and credit card deals, were conspicuously absent last week, with just one consumer asset-backed deal, $200 million of card collateral from MBNA.

Coming off a record first quarter of issuance, GMAC-RFC started the final quarter of the month on the same fast clip it has been on throughout the entire year, pricing a $2 billion subprime mortgage-backed RASC 2002 KS4 and a $375 million high LTV second-lien RFMS II 2002 HI3 RMBS-backed deals last week. The spate of new issues has prompted GMAC-RFC to revise upward its supply estimates to $34 billion from $31 billion.

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