An order to temporarily suspend redemptions in United Capital Asset Management's group of Horizon hedge funds and the closure of a separate hedge fund managed by Denver-based Braddock Financial, might have been reason enough to shock and subdue the ABS market last week, especially because they were the latest in a series of disturbing episodes caused by instability in the mortgage-backed securities market.

The market sources who stayed behind to conduct the trickle of ABS business last week, however, say that the Independence Day holiday - following the close of June and the second quarter - stifled the marketing and pricing of ABS deals.

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