Yet another subprime auto lending executive has reportedly stepped down amid rumors of financial trouble.
Joeseph Battiato, president of Aegis Consumer Funding Group Inc., resigned Thursday, industry insiders said.
An attorney for the company would neither confirm or deny the report. Aegis had already had its share of problems in the past 18 months. The company's stock slid from a high of $7 in March of last year to less than $1 in recent months.
Moody's Investors Service downgraded $5.65 million of Aegis' subordinated debt in late March of this year. Higher-than-expected loan losses and delinquencies in the pool of loans backing the securities were to blame, Moody's said.
Aegis reported a $765,000 loss for the second quarter.