SEC Regs on Asset-Backed Securities

I'm declaring that I've officially gone over the edge, for I have searched out, found, copied and am beginning to read the SEC regs on Asset Based Securitizations. I'm not really sure why I have latched onto to this subject, and it is probably best that I don't probe deeply there. Nevertheless, I have and I want to drag you through it a bit too! I'm beginning to see that these ABS's with all of their participants is a big ball of string. The regs are 320 pages long, and I've read up to page 50. It is slow going, particularly for someone like me who is pretty far away from any real knowledge of securitized transactions.

I'm not going to even try to post a summary of what I'm reading, but I do plan to post a few tidbits.

These SEC regs are designed to "consolidate and codify existing interpretative positions."

Here's a tidbit: One can issue asset based securities where the underlying pool has as many as 50% delinquencies. To qualify, though, for S-3 registrations, as many as 20% of the underlying assets can be delinquent.