National Credit Default Rates Ticked Up in November 2012 According to the S&P/Experian Consumer Credit Default Indices

  National Credit Default Rates Ticked Up in November 2012 According to the
                 S&P/Experian Consumer Credit Default Indices

Four out of Five Cities Saw Default Rates Rise

PR Newswire

NEW YORK, Dec. 18, 2012

NEW YORK, Dec. 18, 2012 /PRNewswire/ -- Data through November 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 an increase in national default rates during the month. After
hitting a post-recession low of 1.46% in September 2012, the national
composite increased for the two consecutive months, posting 1.55% in October
and reaching 1.64% in November. The first mortgage default rate increased from
its post-recession low of 1.36% in September, to 1.47% in October reaching
1.58% in November. Auto loan default rates moved down from 1.14% in October to
1.09% in November. Bank card default rate posted the lowest post-recession
rate of 3.58% in November; it was 3.68% in October. The second mortgage hit
its historic low of 0.62% in November; it marginally decreased from 0.65% rate
posted in October.

"The national composite showed an increase in consumer credit default rates
for the second consecutive month in November," says David M. Blitzer, Managing
Director and Chairman of the Index Committee for S&P Dow Jones Indices. "This
increase in national default rates was solely driven by an increase in the
first mortgage default rate. All other loan types – auto loan, bank card and
the second mortgage posted decreases in their default rates in November.

"The national composite posted 1.64% in November, 9 basis points above October
rate and 18 basis points above September's post-recession low. The first
mortgage showed the same trend, it posted 1.58% in November, 11 basis points
above the previous month's rate and 22 basis points above September's
post-recession low. The first mortgage was the only product line that
increased in November. While the increase in the first mortgage default rate
is quite small, it bears watching since it repeats across four of the five
cities we track. The other sectors all posted small declines from October to
November: auto loans down 5 basis points, bank cards down 10 basis points to a
new post-recession low of 3.58% and second mortgages down 3 basis points.

"Four out of five cities we cover showed increases in their default rates.
Dallas saw defaults slip one basis point. The increases were Miami, up 22
basis points, Los Angeles up 16, New York up 12 and Chicago higher by 7 basis
points. Miami had the highest default rate at 2.66% and New York was lowest
at 1.47%."

The table on the next page summarizes the November 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           November 2012 October 2012 November 2011
                Index Level   Index Level  Index Level
Composite       1.64          1.55         2.22
First Mortgage  1.58          1.47         2.17
Second Mortgage 0.62          0.65         1.26
Bank Card       3.58          3.68         4.91
Auto Loans      1.09          1.14         1.17

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

Metropolitan            November 2012           October 2012 November 2011
Statistical Area            Index Level             Index Level  Index Level
New York                    1.47                    1.35         2.21
Chicago                     1.85                    1.78         2.84
Dallas                      1.25                    1.26         1.38
Los Angeles                 1.60                    1.44         2.53
Miami                       2.66                    2.44         4.47
 Source: S&P/Experian Consumer Credit Default
Indices
 Data through November
2012

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For more information:

Dave Guarino
Communications
S&P Dow Jones Indices
dave_guarino@spdji.com
201-755-5334

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
david_blitzer@spdji.com
917-376-1204

Susan Henson
Experian Public Relations
Susan.henson@experian.com
714-830-5129

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outstanding loans sourced from 11,500 lenders.

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