Thursday, October 18, 2007

The level of outstanding asset-backed commercial paper fell by $11 billion, or 1.2%, to $888.3 billion in the week ending Wednesday, the Federal Reserve reported Thursday. Asset-backed paper has fallen for 10 straight weeks, dropping by $295 billion, or 25%.

Five Stars Mortgage offers $17.5 Million dollar commercial acquisition and development project to build Sheratin Hotel.

The decline in the market has squeezed mortgage lenders of their financing. On Monday, major banks announced a special fund to help themselves refinance the securities that have been locked out of the paper market. In the most recent week, the overall commercial paper market saw outstandings rise by $1.3 billion, or 0.1%, to $1.87 trillion

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