Finance
New U.S. Subprime Boom, Same Old Sins: Auto Defaults Are Soaring
- Santander-Chrysler venture opens window into race to bottom
- Wall Street’s insatiable debt machine fuels lax underwriting
Trouble Brews in Subprime Auto Loan Market
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It’s classic subprime: hasty loans, rapid defaults, and, at times, outright fraud.
Only this isn’t the U.S. housing market circa 2007. It’s the U.S. auto industry circa 2017.