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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (165145)5/10/2002 6:04:11 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
Credit quality clearly deteriorating at HI (from their 10K released tonight):

biz.yahoo.com

Delinquency - Owned Basis

Two-Months-and-Over Contractual Delinquency (as a percent of consumer receivables):

March 31, December 31, March 31,
2002 2001 2001
----------------------------- ---------------- ----------------- ---------------
Real estate secured 2.88% 2.63% 2.55%
Auto finance 2.04 2.92 1.74
MasterCard/Visa 6.54 5.67 5.02
Private label 6.33 5.99 5.62
Personal non-credit card 9.60 9.04 8.79
----------------------------- ---------------- ----------------- ---------------
Total Owned 4.77% 4.53% 4.36%
============================= ================ ================= ===============

The 10K also features a highly convoluted discussion of their securitization
practices (featuring extensive use of SPE's, yes, the same structure that imploded
Enron). Bon appetit!
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