The resurgence of subprime auto lending has stoked fears about poor underwriting and drawn parallels to the subprime mortgage debacle , but a group of economists at the Federal Reserve Bank of New York say there is no reason to panic.

Yes, auto loans to borrowers with credit scores below 620 hit $20.6 billion in the second quarter, nearly double the levels in early 2010. But that's only half the picture, four New York Fed researchers wrote in a blog post Thursday. Auto loans to all borrowers, including those with strong credit, have been rising, so subprime lending remains in check on a relative basis in their view.

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