Unemployment stokes U.S. auto ABS losses - Fitch

Newswire

NEW YORK, Oct 29 (Reuters) - Rising unemployment levels have accelerated losses in auto loans made to prime borrowers supporting auto ABS securities this year, but sufficient credit support has kept ratings stable, said Fitch in a report on Wednesday. The deteriorating performance of auto ABS has coincided with rising job losses in 2008. Job cuts have driven the unemployment rate from 5.0 percent in December 2007 to 6.10 percent in September, a 22 percent hike. Fitch expects auto loan ...

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