On December 15, 2004 the SEC approved new rules that will for the first time provide a comprehensive securities regulatory framework for publicly issued mortgage-backed and asset-backed securities (collectively referred to herein as "ABS"). The new rules primarily address four areas of securities regulation: (1) registration requirements under the Securities Act of 1933, as amended (the "1933 Act"); (2) disclosure; (3) communications during the offering process; and (4) ongoing reporting require