Report title: Acceleration: Losses on 2007 Vintage Auto Loan ABS Pick Up Pace
from Fitch Research
6 page (2796 word) report published Apr 29, 2009

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...Through March of 2009, delinquency and loss levels experienced on 2007 vintage auto loan securitizations have significantly outpaced those of prior years. Fitch Ratings has observed cumulative net losses (CNLs) that are expected to reach and exceed levels not seen since 2001. The deterioration in performance is the result of a combination of current economic conditions and the weaker credit quality of many 2006 and 2007 originations. However, this weak vintage performance is not expected to cause a significant number of negative rating actions. Auto loan ABS transactions, due to their rapid delevering, are often protected from downgrades even when performance is slightly worse than initial expectations. To date, performance significantly outside initial expectations has been observed only in a select set of U.S. domestic issuers. During 2006 and 2007, many auto loan originators loosened underwriting guidelines and opted to expand their risk thresholds to accommodate higher loan-to-value...

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