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Earlier this evening Advanta, which through its FDIC-insured bank Advanta Banc Corp makes credit card loans, declared its intentions to allow its securitization trust to go into early amortization, while concurrently launching a coercive tender offer for the securities issued by the trust. This marks the first intentional amortization event, which if unpunished, could jeopardize the stability of securitization markets, the government’s special programs to aid the market such as TALF, the bank’s depositors, and the legal rights of Advanta’s ABS investors.
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