Sept. 15 was a day of reckoning for Wall Street as the market said goodbye to two U.S. financial institutions, 158-year old Lehman Brothers, whose parts will be wrapped into Barclays Capital, and 94-year old Merrill Lynch, which will now exist under the Bank of America umbrella.

On most ABS participants' minds last week was the impact these events would have on the already ravaged structured finance market. Sources reiterated that the ABS market depends on the ability to access term funding, which has already been weakened by investor fears, though isn't changed dramatically by last week's events.

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