With 30 Million Unemployed, Even Prime Loans Will Get Messy
I’m not worried about banks or investors in subprime-credit-card backed securities. If they take a beating, fine. But what does this bifurcation tell us about consumers?
Nearly a quarter of all subprime auto loans are 90+ days delinquent. Why?
But it’s Even Worse Than it Looks. And this time, there is no jobs crisis. This time, it’s the result of greed by subprime lenders.
Santander Consumer USA is on the forefront of souring subprime-auto-loan backed securities.
But these are the good times. Automakers are not amused.
But what will happen to banks and automakers when the cycle turns?
“A development that is surprising during a strong economy and labor market”: New York Fed
Subprime goes to the Toronto condo market.
Layoffs and massive losses loom.