Report title: Will Consumer ABS Crack Under Unemployment Pressure?
from Fitch Research
12 page (6361 word) report published Jun 24, 2008

Price $275.00 available for immediate download
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...While many factors can be indicative of th e state of the U.S. economy as a whole, the unemployment rate is one of the most widely acknowledged indicators of consumer financial health. After reaching multiyear lows in 2006 and the first half of 2007, the unemployment rate, auto loan losses, and credit card losses have been rising. While they are all still lower than the recent highs experienced in mid-2003, asset-backed securities (ABS) investors are seeking more information on the potential impact of worsening economic conditions on auto loan and credit card transactions. Fitch Ratings has analyzed the historical relationship between changes in the unemployment rate and changes in the default rates of pools of securitized U.S. consumer assets. Based on this analysis, Fi tch believes that typical prime auto and credit card ABS transactions could withstand an increase of four to five times the baseline unemployment rate of 5% at the AAA level and roughly one and one-half to...

Report Type: Special Report
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