The term 'CRUNCH BENEFICIARIES' refers to those who benefit from a financial crunch, which is a period of time when the economy is in decline and businesses are struggling. The acronym ABS stands for Asset-Backed Securities, which are financial instruments that are backed by a pool of assets such as mortgages, auto loans, or credit card debt. These securities are used to provide liquidity to the market during a financial crunch, allowing investors to purchase them and benefit from the downturn. As a result, those who invest in these securities during a financial crunch are known as 'crunch beneficiaries'.