GM is rebuilding GMACAlly Bankits captive finance arm by buying AmeriCredit for $3.5 billion to increase leasing to low credit and at-risk car buyers. Wait, isn't this part of what got the U.S. into this whole mess? [GM]
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DISCUSSION
mkbruin, Atlas VP
I used to work for one of the nations largest Credit Risk Managers for mortgage backed securities. While there, I headed a project to transition credit risk management into the Automotive ABS arena using tie-ups with a major credit rating agency. The project was ultimately shelved as the Carpocalapse (sp) hit and securitization rates declined; however, GM bringing sub-prime back to the masses opens the door wide open again. Lots of people will be making lots of money, until the next bubble bursts...
DISCUSSION
I used to work for one of the nations largest Credit Risk Managers for mortgage backed securities. While there, I headed a project to transition credit risk management into the Automotive ABS arena using tie-ups with a major credit rating agency. The project was ultimately shelved as the Carpocalapse (sp) hit and securitization rates declined; however, GM bringing sub-prime back to the masses opens the door wide open again. Lots of people will be making lots of money, until the next bubble bursts...