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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 This material may not be published, broadcast, rewritten or redistributed.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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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