In more recently securitized loans, such as automobile and credit card receivables, securitization's greater efficiency has not yet been passed on to borrowing customers in the form of lower rates, but we suspect that it will not be long in coming.
For commercial borrowers, credit securitization offers the opportunity significantly expand their corporate finance flexibility to Through credit securitization, corporation can tap debt markets a at a cost of borrowing frequently much lower than the cost of its senior debt. It can also avoid risk frcm interest rate, currency ex change, and commodity price exposures. In other words, the securi tizing corporation can more finely hone its claims structure and