"With the credit markets showing no signs of improvement, we are effectively eliminating our need to access the securitization markets to support an otherwise well-performing vacation ownership business," said Wyndham Worldwide chairman and CEO Stephen P. Holmes in a statement made Monday. "These proactive steps will ensure maximum flexibility across all our businesses irrespective of conditions within the asset-backed securities market. If the markets are available, we will certainly utilize this effective form of financing, but we are assuming that the markets will be unattractive for the foreseeable future."

The company expects to take a charge of approximately $50 million to $60 million in the fourth quarter of 2008 and $10 million to $15 million in the first quarter of 2009 related to these initiatives. These charges are incremental to previously revealed company-wide restructuring charges of $25 million to $30 million in the fourth quarter of 2008 and $5 million to $10 million in the first quarter of 2009.

During the conference call, Wyndham also reiterated its fourth quarter and 2008 guidance. Based on the changes to its timeshare business and current economic conditions, the company said it now expects total 2009 revenues of $3.7 million to $4.1 million, down from previously revealed expectations of $4.1 million to $4.5 million for the year.