Tuesday, August 05, 2008
credit card securitization slowing
now housing wire reports on a massive slowdown in credit card securitizations industry-wide.
Here it comes: the spillover from subprime mortgages that many secondary market participants had hoped not to see looks increasingly as if it may finally be coming home to roost. ...
July’s abysmal ABS issuance total was the worst since December 2007, and the second worst in more than 9 years; and it’s led more than a few market participants to wonder what’s next in a capital market that has been reeling from the effects of the mortgage crisis for more than a year now.
“One has to wonder if the subprime thing wasn’t just an underwater event out in the ocean and now the tsunami waves are rolling in, one after another,” said one of HW’s sources, an MBS/ABS analyst, via email on Tuesday morning.