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This excerpt taken from the ALL 10-Q filed Aug 6, 2008. ABS RMBS;
Alt-A Residential Mortgage–backed Securities (“Alt-A”):
ABS RMBS and Alt-A are principally valued based on inputs including
quoted prices for identical or similar assets in markets that exhibit less
liquidity relative to those markets supporting Level 2 fair value measurements. Certain ABS RMBS and Alt-A are valued based
on non–binding broker quotes. Due to the
reduced availability of actual market prices or relevant observable inputs as a
result of the decrease in liquidity that has been experienced in the market for
these securities, all ABS RMBS and Alt-A are categorized as Level 3.
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