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1.Market Observations, 8.Was Sticky

31 May 2017 (AFR) – US consumer debt pile drives big banks back from $US1.2tn car loan market

(31 May 2017, AFR, p23, by Ben McLannahan)

‘Big banks are throttling back from the $US1.2tn US car loan market, fearing ­consumers have taken on more debt than they can handle. Lenders piled into the sector in the years after the financial crisis, as low defaults and an improving economy encouraged them to double down on a sector that performed relatively well as mortgages soured. Total loans across the industry rose to $1.17tn at the end of the first quarter, according to the New York Federal Reserve, up almost 70 per cent from a trough in 2010. But data last week from the Federal Deposit Insurance Corporation showed…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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