Securitization

The home equity ABS credit default swap index - called the ABX.HE - is expected by analysts to remain volatile, at least in the near term.

The U.S. ABS primary market generated a whopping $26 billion as issuers and banks rushed to get deals done before market participants head to Las Vegas for the American Securitization Forum's 2006 ABS conference this week.

Moody's Investors Service is ramping up its servicer ratings group with a significant increase in the number of companies it covers.

Ameriquest Capital Holdings Corp. last week settled the second-largest predatory lending suit in U.S. history that had the largest subprime loan originator's upper management embroiled for more than a year.

After issuing its first CDO in the U.S. just last year, Deutsche Asset Management has gotten its foot in the door of the booming U.S. CLO marketplace thanks to a new agreement with Columbia Management under which DeAM will manage the day-to-day operations of Flagship Capital Management's six CLOs.

Year to date as of 01/25 Term (days) 01/19 01/20 01/23 01/24 01/25 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Wachovia Corp 157.1 1 100.0 1 Industry Total 157.1 - 100.0 1 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank AG 500.0 1 56.7 1 Banc of America Securities LLC 300.0 2 34.0 1 JP Morgan 82.0 3 9.3 1 Industry Total 882.0 - 100.0 3 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 250.0 1 50.0 1 JP Morgan 250.0 1 50.0 1 Industry Total 500.0 - 100.0 1 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank AG 2,628.3 1 20.3 3 Morgan Stanley 2,277.0 2 17.6 5 Banc of America Securities LLC 1,898.8 3 14.6 5 Royal Bank of Scotland Group 1,579.1 4 12.2 3 Barclays Capital 1,307.2 5 10.1 1 Merrill Lynch & Co Inc 1,307.2 5 10.1 1 JP Morgan 1,265.1 7 9.8 2 Credit Suisse 418.5 8 3.2 3 General Motors Corp 296.5 9 2.3 1 Industry Total 12,977.8 - 100.0 17 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 3,788.8 1 100.0 3 Industry Total 3,788.8 - 100.0 3 Source: Thomson Financial

auto ABS 5% credit card ABS 3% real estate ABS 86% student loan ABS 5%

Year to date as of 01/19 Term (days) 01/13 01/16 01/17 01/18 01/19 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Deutsche Bank AG 500.0 1 85.9 1 JP Morgan 82.0 2 14.1 1 Industry Total 582.0 - 100.0 2 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues - - - - - Industry Total - - - - Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 1,167.5 1 57.5 2 JP Morgan 840.1 2 41.4 1 Banc of America Securities LLC 23.2 3 1.1 1 Industry Total 2,030.8 - 100.0 4 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 1,277.8 1 100.0 2 Industry Total 1,277.8 - 100.0 2 Source: Thomson Financial