Didn’t get enough fun with housing finances, try cars

The LA Times has an interesting article on car financing. It seems like CDO’s part two, but obviously has been going on long enough that it preceded what we have learned about ARM loans, namely don’t give someone a loan that they can’t afford. What I will be curious to see is if the securities industry and the financial offices tied to the auto makers do the same deny, deny, throw themselves at the mercy of the government dance that went on/is going on in the housing market. In any event, this seems likely that it will suck for all of those in underwater loans, and probably the tax payers. Even if it sucks for the banks, it won’t be in proportion to their share of the responsibility.