Last week started off promisingly enough. The Federal Reserve gifted the credit markets with a 75-basis-point rate cut and provided more liquidity in the form of the $200 billion term securities lending facility. Also, the industry absorbed news of JPMorgan Chase's bargain basement buyout of Bear Stearns, rescuing the investment bank from total failure.

Still, it was not enough to give the ABS issuance market a significant boost. No more than a handful of transactions were announced, before many market participants wrapped up business and left the office for the holiday weekend.

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