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VOL. 129 | NO. 151 | Tuesday, August 05, 2014

GM Finance Subpoenaed Over Subprime Auto Loans

AP

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NEW YORK (AP) – GM Finance says it has received a subpoena from the U.S. Department of Justice for documents related to subprime auto loans.

The affiliate of General Motors Co. said in a filing Monday with the government that the Justice Department requested documents related to the origination and securitization of subprime auto loan contracts since 2007.

Subprime loans generally are made to borrowers with questionable credit repayment histories.

GM Finance said the Justice Department is considering a civil lawsuit for potential violations of the Financial Institutions Reform, Recovery and Enforcement Act, a federal law that was passed following the savings and loan crisis in the 1980s.

General Motors Financial Co. said it received the subpoena on July 28. It disclosed the request in a filing with the Securities and Exchange Commission.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 85 354 12,626
MORTGAGES 113 438 16,470
FORECLOSURE NOTICES 21 98 3,290
BUILDING PERMITS 358 918 27,694
BANKRUPTCIES 55 276 10,490
BUSINESS LICENSES 18 120 4,204
UTILITY CONNECTIONS 78 429 16,350
MARRIAGE LICENSES 26 125 3,691

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