GM Financial Subpoenaed over Subprime Automobile Loans

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General Motors' auto financing unit has received a subpoena from the U.S. Department of Justice requesting information about the company's use of subprime automobile loan contracts, GM Financial said in a regulatory filling on Monday. GM Financial was ordered to produce documents dating back to 2007 relating to the underwriting criteria used to originate the auto loan contracts as the DoJ considers civil proceedings for a potential violation of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the filing said. GM Financial said it was served the subpoena on July 28.

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- staff