Govt Motors resorting to subprime loans

dogtowner

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So... no lessons learned or just don't care ?

considering it was the left that force fed unqualified buyers down the throats of the lenders I guess we can't be surprised.


President Obama has touted General Motors (GM) as a successful example of his administration's policies. Yet GM's recovery is built, at least in part, on the increasing use of subprime loans.
The Obama administration in 2009 bailed out GM to the tune of $50 billion as it went into a managed bankruptcy.
Near the end of 2010, GM acquired a new captive lending arm, subprime specialist AmeriCredit. Renamed GM Financial, it has played a significant role in GM's growth .
The automaker is relying increasingly on subprime loans, 10-Q financial reports shows.
Potential borrowers of car loans are rated on FICO scores that range from 300 to 850. Anything under 660 is generally deemed subprime.
 
Werbung:
Werbung:
A man who owns a nice new home he cannot begin to afford--now needs a couple of big greasy-ass GM gas hogs out front in the driveway.
Maybe a couple of Cadillacs and a big SUV--for when they drive around the chillrens.
 
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