Ally Financial bets on risky subprime car loans=2


"Auto lending competition is back very aggressively," said Marc Sheinbaum, head of auto finance and student loans at JPMorgan Chase. Banks, particularly large ones, eased credit standards for new and used car loans in the first three months of this year, the Federal Reserve found in an April survey of lending officers. The banks also tended to trim the amount they charged for the money over their own costs of funds. JPMorgan reduced its new auto loans by 24 percent to $4.8 billion in the ...

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