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Waterfall’s Jack Ross Talks Structured Markets: Credit Crunch

FICC Focus

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Payroll Deduction Loans: A New Asset Class for Lower Income Individuals

At least 30% of Americans do not have the money in the bank to handle such a surprise expense. The government led by the CFPB came in and basically shut the whole market down. So this new asset class called payroll deduction loans has come along. We've lent money collateralized by these advances to these new specialty finance companies. And it's an exciting product which is really helping out lower income Americans to sort of tie them over when the crisis hits.

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