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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 8

Credit Card Receivables

Credit card receivables constitute a significant percent of the outstanding balance of ABSs and current ABS issuance. Over the first 10 months of 2011 credit card ABSs comprised 11.6 percent of ABS issuance. As of the end of 2010 credit card receivables represented 10.68 percent of the stock of outstanding ABS measured by principal value of the notes issued to fund the receivables. We do not include CDOs in this calculation. CDOs may include credit card ABS as well as other ABS classes. The home equity asset class surpassed credit card assets funded by securitization vehicles in 1999. This is a direct result of the boom in the residential real estate market that became a housing bubble and in the end crashed ...

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