PHOENIX, Ariz. - In a somewhat animated discussion at Information Management Network's ABS West gathering last week, bank research analysts said that the recent headlines were creating a false perception that the debacles seen last year with the NextCard Inc. and National Century Financial Enterprises would spill over to the portfolios of subprime ABS issuers. The issuer that received the most attention was AmeriCredit Corp., which is still viewed by the ABS market as a viable entity that would have access to securitization if a surety stepped in with a wrap - something the panel unilaterally agreed could happen get if AmeriCredit desired.

As the defense of the market throughout the conference has been to not apply broad brush strokes to the entire market for the sins of the few, JPMorgan Securities researcher Chris Flanagan warned "don't be too quick to apply the NextCard situation to other issuers." AmeriCredit, noted Flanagan, "is a victim of NextCard hysteria."

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