General Motors is going deep into subprime auto financing and the result could be a crisis similar to the housing crash that sank the U.S. economy in 2007, according to industry experts interviewed by the Washington Free Beacon.

“High production costs and falling profit-per-car have led auto manufacturers to turn to financing to earn higher profits. Automakers have capitalized on lending by not only loaning money to customers but also packaging and selling those loans to investors in a manner similar to the sale of mortgage-backed securities that created the housing bubble,” reports WFB’s Bill McMorris.