Auto ABS Shows Market Weakness

There was some troubling news in the auto sector this week. Ford (F) abruptly fired its CEO, which is never a good sign. But probably more disturbing, Moody's released a report on Santander (SAN) , one of the largest subprime auto lenders.

Due to some new disclosure regulations, issuers of auto loan asset-backed securities (ABS) now have to give more detail about their underwriting statistics. These disclosures showed that Santander only actually verified income on 8% of the borrowers inside an ABS deal they recently bundled....1028 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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