subprime lending

Wells Fargo Fined $85 Million Over Subprime Lending

Wells Fargo has agreed to pay $85 million to settle civil charges over subprime lending - the largest ever fine imposed by the Fed in a consumer-enforcement case. Thousands of consumers could be compensated by up to $20,000 each.

GM's a Day Away From Making Its Own Car Loans Again

General Motors will once again have its own in-house financing unit starting Friday, when the auto giant closes on its $3.5 billion purchase of AmeriCredit. The new unit, to be renamed General Motors Financial, will allow GM to offer consumers more financing and leasing options.

GM Looks Set to Report Another Profit

Three months after turning profitable since its bankruptcy, GM CEO Ed Whitacre is expected to report it made even bigger profits -- perhaps in excess of $1 billion -- during the second quarter when it releases its latest results on Thursday.