How Wall Street Banks "Masked" A Record $350 Billion In Subprime Exposure [zero hedge]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: zero hedge
The latest monthly auto-loan data from the Fitch Auto ABS Index showed something very troubling: subprime delinquencies 60 days or more past due on the secondary market rose to 5.76% in February, the highest they’ve been in 22 years, or since 1996, and blowing past the highs hit during the 2008 financial crisis. At this rate, a record high print is assured in a month or two.The data seemed confusing, almost a misprint to Hylton Heard, Senior Director at Fitch Ratings who said that "it’s interesting that [smaller deep subprime] issuers continue to drive delinquencies on the index in an unemployment environment of around 4%, low oil prices, low interest rates — even though they are rising — and a positive economic story overall." In other words, there is no logical reason why in a economy as strong as this one, subprime delinquencies should be soaring.As Brian Ford of Kroll Bond Rating Agency added "the securitized universe is a small subset of the overall universe of auto loans, but it
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