Volume 2014 - Number 17
May 2, 2014
Credit Card ABS Holding Up Well as Charge-Offs Reach New Low in First Quarter, Fitch Ratings Finds
Charge-offs in the credit-card ABS sector reached a new low in the first quarter of 2014, due mostly to a steady decline in delinquencies and lower bankruptcy rates, according to Fitch Ratings. Loss rates continued to break new records heading into 1Q14, falling to 2.89 percent during the latest March distribution period, even as average charge-offs dropped to a record 3.00 percent for 1Q14 from 3.04 percent in 4Q13. “This marks 15 consecutive quarters of improvement and is approximately 25 percent lower year-over-year,” said Fitch Ratings Credit Card ABS Group Managing Director Michael Dean and Director Herman Poon in a new report. Late payments also fell...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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