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VOL. 129 | NO. 151 | Tuesday, August 5, 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 This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
FORECLOSURE NOTICES 0 26 2,671
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374
BUSINESS LICENSES 22 115 5,824
UTILITY CONNECTIONS 25 90 6,804
MARRIAGE LICENSES 21 107 4,023