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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 This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 0 8,303 8,303
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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