ACRONYMS USED IN THE TEXT

ABCP: asset-backed commercial paper

AIG: American International Group

AMLF: Asset-Backed Commercial Paper Money Market Fund Liquidity Facility

ARM: adjustable-rate mortgage

ASF: American Securitization Forum

BofA: Bank of America

CDO: collateralized debt obligation

CDS: credit default swap(s)

CIC: China Investment Corporation

CPP: capital purchase program

ECB: European Central Bank

ESF: Exchange Stabilization Fund

FDIC: Federal Deposit Insurance Corporation

FHA: Federal Housing Administration

FHFA: Federal Housing Finance Agency

FSA: Financial Services Authority

FSB: Financial Stability Board

GAO: Government Accountability Office

GDP: gross domestic product

GSE: government-sponsored enterprise (Fannie Mae, Freddie Mac)

HERA: Housing and Economic Recovery Act

HUD: U.S. Department of Housing and Urban Development

IASB: International Accounting Standards Board

IMF: International Monetary Fund

KDB: Korea Development Bank

LIBOR: London Interbank Offered Rate

LIBOR-OIS: London Interbank Offered Rate–overnight indexed swap

LTCM: Long-Term Capital Management

MAC: material adverse change

MBS: mortgage-backed securities

MLEC: Master Liquidity Enhancement Conduit

NAV: net asset value

NEC: National Economic Council

OCC: Office of the Comptroller of the Currency

OFHEO: Office of Federal Housing Enterprise Oversight

OTC: over the counter

PDCF: Primary Dealer Credit Facility

PWG: President’s Working Group on Financial Markets

S&P 500: Standard & Poor’s 500 Index

SARS: severe acute respiratory syndrome

SEC: Securities and Exchange Commission

SED: Strategic Economic Dialogue

SIV: structured investment vehicle

TAF: Term Auction Facility

TALF: Term Asset-Backed Securities Loan Facility

TARP: Troubled Assets Relief Program

TIAA-CREF: Teachers Insurance and Annuity Association of America and College Retirement Equities Fund

TLGP: Temporary Liquidity Guarantee Program

TSLF: Term Securities Lending Facility

WaMu: Washington Mutual