The Justice Department has subpoenaed GM over subprime loan originations.
According to a regulatory filing posted online Monday, prosecutors are looking for loan documents stretching back to 2007.
In particular, they're looking for info about the underwriting standards used to originate loans, and the corresponding "warrants and representation" that get sent along with the loans as they're packaged into securities.Business Insider
We've been reading a lot lately about a subprime auto loan bubble — the New York Times says they've climbed 130% in the past five years. And Morgan Stanley's Adam Jonas has argued recent outperformance in auto sales has been driven by overly generous leasing terms.…
GM Subpoenaed Over Subprime Auto Loans (GM)
Rob Wile
No comments:
Post a Comment