A Chicago-area car lender sold a $100 million subprime auto bond deal five years ago that the SEC now claims was “secretly stuffed” with “bad loans.”
A Chicago-area car lender sold a $100 million subprime auto bond deal five years ago that the U.S. Securities and Exchange Commission now claims was “secretly stuffed” with “bad loans,” disguised to look better than they actually were, according a complaint filed by the regulator on Thursday.
A couple of months later, the bonds were the first subprime auto-loan securitization to be downgraded in the U.S. by credit-rating firms since the 2008 financial crisis. Investors scooped up its riskiest BB-, or “junk,” rated bonds at a coupon of 8.05%, according to Finsight data.
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