Auto loan ABS delinquencies rise

Contagion from the subprime mortgage sector could be spreading into other asset classes, with 60-day+ delinquencies for asset-backed securities (ABSs) of auto loans hitting 10-year highs, according to Fitch Ratings.

The rating agency's 60-day+ delinquency index for prime auto ABS deals was 0.77% in January, 44% higher than in the corresponding period in 2007. Subprime auto loan delinquencies stood at 4.03%, the first time they have exceeded 4% since 1997. Fitch's annualised net loss index for

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