National Credit Default Rates Increased in October 2012 According to the S&P/Experian Consumer Credit Default Indices

   National Credit Default Rates Increased in October 2012 According to the
                 S&P/Experian Consumer Credit Default Indices

Chicago and Los Angeles Default Rates Hit New Recent Lows

PR Newswire

NEW YORK, Nov. 20, 2012

NEW YORK, Nov. 20, 2012 /PRNewswire/ --Data through October 2012, released
today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer
Credit Default Indices, a comprehensive measure of changes in consumer credit
defaults, showed that most loan types saw an increase in default rates during
the month. After nine consecutive months of declining default rates, the
national composite increased to 1.55% in October from 1.46% September rate.
The first mortgage default rate increased from 1.36% in September to 1.47% in
October. Auto loan and second mortgage default rates moved up from 1.11% and
0.64% in September to 1.14% and 0.65% in October, respectively. Bank card
default rate posted the lowest post-recession rate of 3.68% in October; it was
3.70% in September.

"After three quarters of declining consumer credit default rates, national
composite increased in October," says David M. Blitzer, Managing Director and
Chairman of the Index Committee for S&P Dow Jones Indices. "Overall consumer
credit quality remains healthy. Looking across our 10 headline indices, all
are at levels typical of the pre-crisis period of the early 2000s. Only one –
bank card – shows default rate above 2.5% and even that hit the recent low,
which is close to its eight-year historic minimum."

"The national composite posted 1.55% in October, 9 basis points above the
previous month's rate. This change was mostly driven by an increase in the
first mortgage default rate, which posted 1.47% in October, 11 basis points
above September's level. The auto loan rate is 3 basis points up from
September; it posted 1.14% this month. The second mortgage is marginally up by
1 basis point from its September rate of 0.64%, the lowest rate in its
eight-plus year history. Bank card was the only product line that decreased in
October. It hit the new post-recession low of 3.68%, down by 2 basis points
from the previous month.

"Three out of five cities we cover showed a decrease in their default rates;
and two of them hit the post-recession lows – Chicago and Los Angeles.
Chicago's rate was 1.78% in October, down from 1.82% in September. Los Angeles
saw a third consecutive monthly decrease, marginally down to 1.44% in October,
from September rate of 1.45%. Miami's rate fell to 2.44% in October from 2.48%
in September. New York's October rate was 1.35%, 7 basis points up from
September. Dallas's rate increased the most – its 1.26% October rate was up by
23 basis points from September's rate; and it still remains the lowest default
rate of the five cities we publish."

The table on the next page summarizes the October 2012 results for the
S&P/Experian Credit Default Indices. These data are not seasonally adjusted
and are not subject to revision.

S&P/Experian Consumer Credit Default Indices
National Indices
Index            October 2012 Index  September 2012 Index   October 2011
                  Level               Level                  Index Level
First Mortgage   1.47                1.36                   2.08
Second Mortgage  0.65                0.64                   1.29
Bank Card        3.68                3.70                   4.85
Auto Loans       1.14                1.11                   1.22
 Source: S&P/Experian Consumer Credit Default
Indices
 Data through October 2012



The table below provides the S&P/Experian Consumer Default Composite Indices
for the five MSAs:

Metropolitan      October 2012 Index  September 2012 Index   October 2011
                  Level               Level                  Index Level
Statistical Area
Chicago           1.78                1.82                   2.64
Dallas            1.26                1.03                   1.30
Los Angeles       1.44                1.45                   2.15
Miami             2.44                2.48                   4.16
 Source: S&P/Experian Consumer Credit Default
Indices
 Data through October 2012



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