Though not as common as they were in past years, at least three new single-seller asset-backed commercial paper conduits have launched in the last few weeks.

For cash and balance-sheet management, GMAC Mortgage Corp. launched an authorized $2 billion ABCP conduit, called Witmer Funding, to warehouse its mortgages pending sale or term securitization. The conduit will issue 180-day secured-liquidity notes, which are extendible under certain conditions, according to a release by Moody's Investors Service.

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