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The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-backed Securities, 2nd Edition by Anne Zissu, PHD, Charles Austin Stone, PHD

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Chapter 5

How Ford Motor Credit Corporation Has Used Securitization

Since the first edition of this book was published, Chrysler and General Motors have been bailed out by the U.S. taxpayers. Both of these multinational corporations relied heavily on securitization to finance retail and wholesale receivables. Even before the financial crisis of 2007–2009, the U.S. automobile companies were financially weak and getting weaker. This is evidenced by the progression of the credit ratings for GM, Chrysler, and Ford. As their credit ratings weakened, managers of these companies had to rely more and more heavily on raising capital in the asset-backed securities (ABS) markets to stay competitive with their more financially sound Japanese competitors. ...

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