...Asset Performance Held Steady; Losses Broke Record Again: With delinquency levels extending its streak and dropping below the 1% threshold in the past quarter, chargeoff performance held relatively stable in 4Q14 while yet again registering new record lows. With current levels already at unprecedented territories, the pace of improvement is expected to be immaterial for both metrics. Excess Spread Pushed Limit Further: Excess spread in 4Q14 continued to test new heights and rose for the 10th straight quarter. Excess spread levels remained well above historical norms and fell short at just under the 14% mark for the first time in November. Current levels continue to provide ample cushion for issuers. Borrowers Remained Disciplined: There was little change in borrower behavior as performance of MPRs continued to be orderly. While overall 4Q14 levels dipped slightly compared to the third quarter, a second-highest all-time index on record was set in November. ABS Outstandings Increased to 2011...
