In 2009, the ABS market came back from the brink. Because of extensive government support in the U.S. and across the pond, issuers and investors emerged from hiding and started doing deals again. But this nascent activity was all premised on the fact that the government was serving as the securitization market's backstop.

Now TALF is scheduled to go away in March, although Treasury Secretary Timothy Geithner recently made strong hints about extending the government program. Even with the near-term outlook looking good - spreads, for one, have held tight - U.S. players are still hoping for more TALF.

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