Subprime hits auto sector as financing tightens
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Fallout from a crisis in the U.S. subprime mortgage market rattled the auto sector on Tuesday after the debt package for a General Motors asset sale was postponed and borrowing costs on automakers' debt surged.
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The Washington region's financial sector reflects the industry nationwide, with stock prices dropping, companies incurring losses from sour mortgages and private-equity investors pulling back on takeovers because of tighter lending.
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Tighter lending and higher rates push market closer to the biggest crash since the early 1990s
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.
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DETROIT - General Motors Corp. said Tuesday that people who buy 2005-model vehicles with loans from the automaker&#39;s financing arm through Nov. 30 will also be able to lock in the interest rate on their next vehicle.
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Reports of fresh damage from the teetering U.S. subprime mortgage sector provoked financial market wobbles on Tuesday as central banks around the world said their interest rate intentions had been thrown into doubt.
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The record rise of the euro against the  dollar hangs over the big U.S. automakers, whose returns from  European operations in particular have shrunk due to the weaker  U.S. currency.
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The mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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The move puts more pressure on the company to close its subprime mortgage unit and shed other divisions not tied to the core tax business.
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The debacle in mortgage lending that spurred wild daily swings in the markets has tripped up many hedge funds.
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With its key product line in deep trouble, the carmaker has been forced take some dramatic action to salvage its turnaround plan
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EVEN MORTGAGE lenders cannot get their arms around the dramatic changes in the industry over the past several months. The fall of the subprime mortgage market and the subsequent resetting of underwriting guidelines, increases in foreclosure filings, and consumer anxiety have been dramatic to both borrower and lender alike.
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Meanwhile, Detroitâs other automakers experienced significant declines.
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The global financial turmoil, ignited by the subprime mortgage problems in the U.S., has exposed the downsides of spreading risk so broadly that upheavals are felt worldwide.
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DetroitÂs big rebates and interest-free financing deals have strengthened car sales for the last three years. But they have also eroded the resale value of many American automotive brands.
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Stocks plunged on Tuesday in their second-worst sell-off of the year as the impact of losses in the subprime mortgage group cascaded across the financial sector, knocking down shares of investment banks and traditional lenders.
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Auto manufacturers had a great month, with one glaring exception.