“We Only Need Tax Returns And A Financial Statement – Which We Won’t Investigate”…

Over the past month, I've documented the imminent demise of the subprime auto bubble. All of the signs are there: soaring auto debt, which now sits at ~$1.2 trillion in the US a booming securitization market with a record high percentage of total ABS comprised of deals from subprime lenders rising delinquencies more loans made to borrowers with low to non-existent FICOs This, I argue, is 2006/2007 all over again only on a (mercifully) smaller scale. With that in mind, consider the follo