Subprime and second mortgages took off in 1997, passing credit card securitizations for the first time and propelling the overall asset-backed market to its highest issuance ever.

Total issuance of asset-backed securities hit $185.1 billion last year, up from $151.3 billion in 1996, according to Securities Data Co.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.