Pursuits
Auto Loan Securitization Probed by U.S., States, Yates Says
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The Justice Department and state authorities are looking into the securitization of auto loans for possible fraud as part of an effort to seek out emerging areas of abuse, Acting Deputy Attorney General Sally Quillian Yates said.
The department’s No. 2 official, in a speech to state attorneys general Tuesday in Washington, said prosecutors were taking a hard look at the auto lending industry to stem any abuses before they could harm the marketplace.