While on the ABCP theme, several structures were unleashed in 2003 that made substantial progress in the elimination of liquidity support.

Perhaps the most notable and ASR's runner-up program for innovation, Georgetown Funding, an ABCP conduit funding mortgage-backed securities for Friedman, Billings, Ramsey Group, is touted as the first program with zero outside liquidity, credit support or rated swap counterparty support. Merrill Lynch was the structuring agent on Georgetown. Standard & Poor's and Moody's Investors Service rate the CP A-1+/P-1.

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