Many people say that there is no real market for these ABSs that are now going to be purchased, that the market is not large enough. Now, first of all, there is a market. There is a market for the senior tranches, but there is also a market for the mezzanine tranches.
In addition, these firms have announced actions that would generate up to an additional $ billon of common equity. We expect further announcements shortly as their capital plans are finalized and submitted to supervisors.