11/14/2008

U.S. Treasury Secretary Henry Paulson's announcement of a new direction for the Troubled Asset Relief Program may loosen up the paralyzed $2.8 trillion market for asset-backed securities. Paulson said TARP's focus is moving away from mortgage assets toward pumping capital into banks. One syndicate manager at a large bank said nonmortgage-ABS issuance will return as an efficient funding tool.

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