Steve Eisman, the fund manager who was featured in Michael Lewis’s book “The Big Short,” about the subprime-mortgage-led financial crisis, has concerns about the swelling risk in the U.S. subprime auto-loan market, he said in a Bloomberg TV interview on Friday.

“ ‘Banks make mistakes on credit quality and we are in an environment where credit quality has never been this good in anyone’s lifetime, with the one exception of subprime auto.’ ” — Steve Eisman

Eisman, like others, has said the auto-loan market, because it is nowhere near the size of the mortgage market, poses less of a systemic risk, even as its loan quality deteriorates with easier credit, longer loans and falling used-car values. Overall, credit quality across the banking system has improved significantly, Eisman said.