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GM Financial Subpoenaed In Subprime Auto Loan Probe

The Justice Department has served a subpoena on GM Financial, General Motors’ financial arm, seeking documents on subprime auto loans. The subpoena covers documents since 2007 involving origination and securitization. The scandals focused almost entirely on housing, not cars. Now it appears the DOJ may be taking a look at the underpinnings of loans for cars, customarily consumers’ second largest purchases after their homes.

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