Topic: Government Motors massively increases its subprime loan portfolio

[Glock32]

As Small Dead Animals aptly puts it, "What could possibly go wrong?"





I guess new cars are the latest human right.  Can't have auto makers "redlining" minori-tahs, certainly not once the government has taken over said auto maker.  Also heard on Rush that the Dept. of inJustice is once again leaning on the banks to grant mortgages to the special populations.  With Clinton and Carter you might make a somewhat plausible argument that their CRA was simply incompetence tinged with bleeding heart idealism, but for the new regime to double down on it after what happened in 2008, it is just another sign that they are quite deliberately trying to destroy the economy.

http://news.investors.com/article/620090/201207271807/gm-risky-subprime-auto-loans-fuel-sales.htm

[Pandora]

The Feds just arrogated to itself the authority to "oversee" the credit reporting agencies, so I expect bad credit scores will be outlawed due to "disparate impact" on some ......

[charlesoakwood]

If GM disinflated its prices then discounted them then more lower income
people could afford them and have a higher likelihood of paying them off.


GM's idea assures the vehicles will be repossessed.  These repossessed
vehicles will be virtually worthless because of ill use and lack of maintenance
and repair.  Junkie idea creating junker value.  Maybe GM will go bankrupt
this time.

[warpmine]

The Feds just arrogated to itself the authority to "oversee" the credit reporting agencies, so I expect bad credit scores will be outlawed due to "disparate impact" on some ......

We all know that those scores are based upon racist ideals.

[Glock32]

Clearly, their goal is to make it impossible for any sort of private economy to function. They are systematically dismantling any alternative to a centralized state economy. The icing on top is that they're going to make the private economy fail in such a way that they can then blame it for failing.

[warpmine]

If GM disinflated its prices then discounted them then more lower income
people could afford them and have a higher likelihood of paying them off.


GM's idea assures the vehicles will be repossessed.  These repossessed
vehicles will be virtually worthless because of ill use and lack of maintenance
and repair.  Junkie idea creating junker value.  Maybe GM will go bankrupt
this time.

Once upon a time, dealers would qualify not based upon credit rating because(no cards) but upon the ability to pay as in job history, amount of wages plus time there. Establishment of both would be necessary. Repossessions were a plenty and the resale was a nice business into itself. This time as you state, there will be even more repos making the dealer stock even more worthless. Our family always bought at these auctions and saved oodles.

[warpmine]

Clearly, their goal is to make it impossible for any sort of private economy to function. They are systematically dismantling any alternative to a centralized state economy. The icing on top is that they're going to make the private economy fail in such a way that they can then blame it for failing.

Absolutely correct. This was just another installment of the command&control economy. Our betters think by sneaking this sh*t in between the cracks that it will be unnoticed and "this time" it will work. Their behavior is in fact insane, their expecting different results while trying the  same old bag of communist dogsh*t.  All need a good public hanging.

[Libertas]

CRA started all this sh*t and everything that follwed needs to be scrapped, but not even Mitt coming off a landslide and Pubbie control of Congress will do it.  More sub-prime, more risk shoved on taxpayers, more debt, more debasement...the next "crisis" could be the last, and perhaps thatn is as it should be.  Really hard to give a damn anymore.