The Big Interview: Chris Flanagan
Following the crisis in subprime mortgages in the US, the head of global structured finance research at JPMorgan in New York talks to Dalia Fahmy about spillover risks for auto loans
Rating agency Standard & Poor's is worried the subprime mortgage crisis could spill over into auto loan asset-backed securities. The concern is twofold: first, home-owners who have defaulted on mortgage payments could easily default on car payments. Second, car lenders may have engaged in risky lending practices similar to their peers in the home equity industry. In the first quarter of 2007, auto ABS issuance dropped 50%, to $15 billion, against the same period in 2006, mostly due to the
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