Following a deal last month in which Cendant Corp. packaged and sold $400 million in relocation loans, the securitization of operating assets is proving a hot little trend, with more esoteric deals in the pipeline, according to Steven Cooke, a director at MBIA.

MBIA, which wrapped the Cendant Corp. (or Apple Ridge Funding) transaction, is currently working on a timber securitization and a rail-car securitization, both set to close before the end of summer, though the success of these transactions - or the likelihood they'll ever come to market - is more difficult to gage than bread and butter ABS, Cooke admitted.

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