No longer would buyers need a credit rating of 700 or higher. Now, people qualify with scores as low as 621, which is 2 points above "poor" and 102 points below America's median. As columnist George Will put it, GMAC is using taxpayers' dollars (more accurately, money borrowed against tax receipts far into the future) to issue subprime loans.
Tuesday, January 13, 2009
How many subprime auto loans will default?
After GMAC received $5.9B from the US government, they lowered lending standards:
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