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Who needs subprime mortgage securities? Investors flock to buy bundled auto loans of problem payers.
Quote:
Although they're backed mainly by installment contracts signed by people who can't even qualify for a credit card, most of these bonds have been rated investment grade. Many have received the highest rating: AAA.
That's because rating firms believe that with tens of thousands of loans lumped together, the securities are safe even if some of the loans prove worthless.
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http://www.latimes.com/business/buy-...,3779131.story
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