The troubles the secondary mortgage market has endured since the end of the refinance boom are beginning to show as the asset- backed security market is matching the mortgage-backed security market blow for blow.

For just the third time ever--and the third time this year-- monthly new issuance of asset-backed securities exceeded the issuance of mortgage-backed securities, according to data provided by Securities Data Co. The latest surge came in October when total ABS issuance was $7.8 billion, nearly $3 billion more than the slumping MBS market which totaled just $4.9 billion.

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