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New US subprime boom, same old sins: auto defaults are soaring

Bloomberg Published on Wed, Jul 19, 2017 / 8:33 AM GMT+8

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(July19): It’s classic subprime: hasty loans, rapid defaults, and, at times, outright fraud.

Only this isn’t the US housing market circa 2007. It’s the US auto industry circa 2017.

A decade after the mortgage debacle, the financial industry has embraced another type of subprime debt: auto loans. And, like last time, the risks are spreading as they’re bundled into securities for investors worldwide.

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