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“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”
― Mark Twain
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When Trust Breaks: Tricolor's Fallout and the Fragile Future of ABS Lending
A preliminary review of bankrupt subprime auto lender Tricolor Holdings found that around 29,000 of its 70,000 active loans were tied to vehicles already used as collateral for other debts. About 40% of the loans had duplicate attributes, including matching VINs. Since Tricolor filed for liquidation in September, banks and securities holders—who lent the company over $2 billion—have been scrambling for answers.
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