U.S. ABS issuance tumbles to $123.6 bln in H1 2008

NEW YORK, June 30 (Reuters) - U.S. asset-backed securities issuance slumped to $123.6 billion in this year's first half compared with the robust $652.4 billion sold in the year-ago period, Thomson Reuters said on Monday.

Home equity ABS, also known as residential subprime mortgages, led the slide in 2008 as investors fled the segment after surging delinquencies and defaults on risky home loans triggered a major collapse in subprime mortgages last year.

JPMorgan Securities (JPM.N: Quote, Profile, Research, Stock Buzz) was the top underwriter of asset-backed securities in the first half, underwriting $25 billion worth of ABS deals through 46 offerings, Thomson said.