Fitch: Prime Auto Asset Backed Securities Losses Nearly Double in July

In July, annualized net losses(ANL) on prime auto asset backed securities(ABS)hit the highest level for the year at 1.42%, increasing 15% over June's level. ANL in July were 94% higher than in July 2007. The last time ANL were at this level was in late 2003/early 2004 ...

In the subprime sector, ANL were at 6.56% in July, a 16.5% increase over June, and 45% above a year earlier. Subprime delinquencies rose 11% in July to 3.63%. Delinquencies were 30% higher in July versus the same period in 2007.