Seeking lower costs and improved liquidity, non-prime lenders are forming asset-backed commercial paper programs to fund their businesses. Often viewed as a complement to third-party warehouse funding, so-called “single-seller” ABCP programs allow lenders to avoid the fees associated with credit lines while maintaining control of asset quality. More important perhaps, they also ensure a steady source of liquidity, eliminating the potential disruptions that can occur with third-party funding lines. …