Last week Moody's Investors Service released its third quarter review/outlook, noting in its summary opinion that, had Sept. 11 never happened, third quarter 2001 would have been relatively uneventful.

As for pre-Sept. 11 headlines, Bank of America announced it would exit the subprime home equity business, and in the process securitize more than $20 billion worth of product, which solicited mixed opinions from Street researchers as to the impact the so-called nine-month sell off would have on spreads. Also significant, GE Capital announced it would acquire Heller Financial.

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