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GM says state AGs probing subprime auto loan business

By Steve Goldstein

General Motors disclosed in a Securities and Exchange Commission filing that its GM Financial unit was served with additional investigative subpoenas from several state Attorney Generals.

These subpeonas require GM to produce documents for state attorneys general and other governmental offices relating to its subprime auto finance business and securitization of subprime auto loans.

GM Financial said it is investigating these matters internally and believes that it is cooperating with all requests.

GM had previously disclosed a Department of Justice probe.