SHARE THIS ARTICLE

Depending whose money they’re using, Wells Fargo & Co.

and JPMorgan Chase & Co. either love subprime car loans or fear them.

Both banks have grown more reluctant to make new subprime loans using money from their own balance sheets. Wells Fargo tightened its underwriting standards and slashed the volume of all loans it made to car buyers in the first quarter by 29 percent after greater numbers of borrowers fell behind on payments. JPMorgan’s consumer and community banking head Gordon Smith earlier this year said the bank had cut its new lending for subprime auto loans “dramatically.”



Read Article


JP Morgan And Wells Fargo Cut Back Subprime Loans Dramatically As Fears Mount

About the Author

Agent009

User Comments

TheSteve
MDarringer
leroisF40
TheSteve
MDarringer
TheSteve
MDarringer
nguyenvuminh
mre30
MDarringer
leroisF40

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]