Operating subsidiaries of federally chartered thrifts can underwrite and sell a wide range of asset-backed securities, according to a legal opinion recently released by the Office of Thrift Supervision. An unnamed thrift asked for the OTS opinion on ABS underwriting, as well as clarification about the types of assets that are subject to a prohibition on underwriting unrated ABS. The thrift was already conducting ABS underwriting activities through a licensed securities dealer that was a