Securitization isn't dead yet, but if the Financial Accounting Standards Board and the Federal Reserve get their way the wake isn't too far off, says Dennis Moroney, research director for bankcards at TowerGroup.

Asset-backed securities-aside from mortgage-backed bonds-remain vital to the health of financial institutions. The Federal Deposit Insurance Corporation has reported that U.S. credit card issuers rely on ABS financing to provide more than 50 percent of their capital needs, according to a TowerGroup report.

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