As Reg AB took effect Jan. 1 - just a month after securities offering reform - the impact on the ABS market appeared to be more stress and relatively little volume.

"In the space of a month, we had two of the largest regulatory rulemakings in the history of securitization go into effect," said Tom Deutsch, associate director at the American Securitization Forum. "For all the transaction parties, but especially issuers and dealers, that was an especially difficult process."

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