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November 23, 2007
Bad Credit mortgage problems could affect the auto loan sector business
by Dave LaLonde - Lenders
Analysts fear that the recent troubles in the sub prime mortgage industry could damage the auto loan financing sector.
“…deterioration in the auto ABS credit conditions may be evidence of a likely spill-over of the mortgage woes onto the auto credit world,” Johnson wrote. Spokeswomen for both Ford Motor Credit and GMAC said they experienced increases in delinquencies in the third quarter, but those were unrelated to the sub prime mortgage problems.
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