Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Subprime Loan Borrowers Are Missing Car Payments · 6 Apr 2021 podcast

Some lenders just did not offer deferment at all and instead offered other types of assistance that in some cases just came down to, OK, well, you're late. voice-verified

We'll charge you a late fee. voice-verified

We might report you late to the credit reporting firm, but we're not going to repossess your car. voice-verified

So the degree of assistance has varied greatly voice-verified

That's correct. voice-verified

So really, since the last financial downturn, the riskiest mainstream lending that has been playing out has been in the auto space. voice-verified

Subprime auto loan originations over the past decade certainly grew significantly. voice-verified

It became easier essentially during the past decade for people who had low incomes, didn't have good credit to get loans. voice-verified

There were other terms associated with auto loans that also created a, let's say, riskier environment for them. voice-verified

For example, more lenders were increasing the repayment periods on loans. voice-verified

So what maybe used to be a five-year loan voice-verified

You started seeing more of six-year or even seven-year loans. voice-verified

When you extend the period on an asset whose value generally depreciates over time, like a car, that can get risky, can increase the chances of delinquencies. voice-verified

There were more people whose loans were a larger size. voice-verified

They were greater than the value of the cars that they were buying. voice-verified

And you had this underwater situation. voice-verified

scenario playing out for many people from the point that loan was being originated, also something that puts a loan at a higher risk for delinquency. voice-verified

This is an example of the unevenness of the economic recovery. voice-verified

At a time when subprime auto borrowers delinquency rates are rising, the share of borrowers with mid range to near perfect credit scores who have missed their payments on their cars remains close to 0%. voice-verified

It's barely budged. voice-verified

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