Credit Card Asset Securitizations: Has the Subprime Meltdown Dampened This Market

Credit Card Asset Securitizations: Has the Subprime Meltdown Dampened This Market Too?

Product Type: Market Research Report
Published by: TowerGroup
Published: November 2007
Product Code: R301-1348

Description

TowerGroup believes that US consumers can no longer maintain their current lifestyles without increasing the amount of debt they revolve on credit cards. Declining home values have reduced the available equity that consumers can access through home equity lines of credit to fund their lifestyles. TowerGroup anticipates that credit card balances will increase and issuers will require an economical solution to finance the increase in credit card outstandings. Asset-backed securities (ABS) provide issuers a solution to address this challenge. This Research Note examines the impact of the subprime mortgage meltdown on the credit card ABS market and considers the future of that market.

Table of Contents

Report Coverage
Asset-Backed Securitization: Exhibit 1 Total Issuance of Asset-Backed Securities in the United States (1998-2007E)
Current Trends in the Credit Card ABS Market: Exhibit 2 Home Equity Loan Volume and Percentage of Home Equity Asset-Backed Securities (1998-2007E); Exhibit 3 US Mortgage Securitizations Shift from Prime Government Backed to Private Placements (1995 vs. 2005); Exhibit 4 US Credit Card Asset-Backed Securities Issuance (1Q 2006-2Q 2007); Exhibit 5 Credit Card Asset-Backed Securities Issuance: Midyear Comparison (2006 vs. 2007); Exhibit 6 US Banks' Provision for Loan Loss Reserves vs. Their Net Charge-offs (2004-2Q 2007); Exhibit 7 US Noncurrent Loans vs. Loss Reserves (March 2004-March 2007)
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