Trading in the ABS market was steady last week as new issuance continued at a steady pace via credit card and auto transactions.

The secondary market appeared unaffected by news from industry alliance HOPE NOW, which last week adopted a uniform set of rules and procedures to speed up assistance for troubled homeowners and prevent foreclosures (see page 18). Industry participants were not optimistic that the agreement would have a substantial impact on risk mitigation other than formalizing procedures.

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