The longer an expansion lasts, the crappier its paper becomes. That may seem like a baseless assertion, but it’s actually just simple math. Early in recoveries, borrowers and lenders are both shell-shocked by the last recession, so only high-quality deals get done. But as time passes, all the good borrowers get their loans and if … Continue reading “Junk In The Trunk” – Investors Get “Comfortable” With Subprime Auto Loan Bonds