THE BACKGROUND
Auto lenders collect less information on borrowers than mortgage lenders do dealers want buyers driving off lots that day, after all and are issuing loans to more consumers with credit scores below 620 (gener-ally, the definition of subprime). As they do with mortgage-backed securities, investors rely on credit-ratings firms to put their stamps of approval on bonds backed by car loans-a market valued at $178.2 billion as of Sept. 30. Investors don't usually receive specifics about the underlying debt, as they now do with home-loan bonds.