The U.S. ABS primary market was roused from its midsummer slumber last week by more than $13 billion in total volume. Of that total, about $7.2 billion had priced as of Thursday night. Real estate ABS made up the bulk of new issue, with $5.08 billion having priced as of Thursday's market close.

Countrywide Home Loans came with yet another HELOC offering, a $1.02 billion single-tranche 2003-C reopening. In a rare moment of munificence, Countrywide shared the lead mandate with RBS Greenwich Capital. The triple-A FGIC-wrapped notes priced just outside of guidance at 27 basis points over one-month Libor versus guidance of 26 points. GMAC-Residential Funding Corp. also came with an $849.9 million FGIC guaranteed subprime mortgage deal via Credit Suisse First Boston and JPMorgan Securities.

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