Latest Subprime Scandal May Be Sitting in Your Driveway!
Companies / Credit Crisis 2014 Jul 22, 2014 - 10:33 AM GMTBy: Money_Morning
Shah Gilani writes: Back in April I wrote about the initial public offering from Ally Financial Inc. (NYSE: ALLY). I told you about how they were loading up the truck with subprime auto loans, and how that lending game was too reminiscent of the subprime mortgage buildup and subsequent crisis to not warrant a déjà vu-all-over-again feeling.
I’m no longer one of the only muckrakers warning that the subprime auto loan space is sleazy and potentially dangerous to our economic health.
I usually don’t trust or link to pieces in the mainstream media. But this really caught my attention… so I wanted to share…
And the Next Subprime Bubble Is…
The DealBook blog from The New York Times had an absolutely brilliant piece the other day titled “In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates.”
Here’s the piece by Jessica Silver-Greenberg and Michael Corkery. This ties in with so much of what I’ve been saying recently: the so-called housing recovery, the student loan fiasco, the dangerously sky-high stock market. I could go on…
You have to read it.
I don’t do this often, but I can’t add much to what Silver-Greenberg and Corkery have exposed. So, I’ll let you digest this today and ask you for your comments.
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