The US subprime auto industry is doing everything in its power to recreate another 2008 crisis. After all, it takes a (Potemkin) village.
One of the largest subprime auto finance companies, Santander Consumer USA Holdings, verified the income on less than 3% of borrowers this year, according to Bloomberg. And in painfully vivid shares of 2008, it then took those loans and bundled them into more than $1 billion in bonds sold this year. Continue reading “Shades Of 2007: Subprime Auto Lender Verified Income On Only 3% Of Loans In Latest Bond”
