Driven to distraction
Auto loan delinquencies are rising, new asset-backed securities issuance is down and monoline downgrades are threatening to demolish the subprime market. Yet analysts remain relatively upbeat about the prospects for the auto loan ABS market. Peter Madigan reports
The shock waves caused by JP Morgan's acquisition of Bear Stearns last month, following significant deterioration in the bank's liquidity position, have served as a stark reminder that the fallout from the subprime mortgage crisis is far from over.
While most media attention has focused on the collapse in the value of mortgage-backed securities (MBSs), other classes in the US asset-backed securities (ABS) industry have been contending with tough market conditions over the past year. In
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