Lawyers for Tricolor Holdings’ trustee confirmed in a court hearing today that the subprime lender is under government investigation for misconduct and appears to have engaged in systemic fraud. The trustee overseeing the Chapter 7 bankruptcy proceedings for Tricolor is gearing up to work alongside government agencies investigating potential “pervasive fraud of rather extraordinary proportions,” […] The post ‘Pervasive fraud of rather extraordinary proportions’ seemingly found b...| Auto Finance News
Wilmington Trust, National Association, a subsidiary of M&T Bank, as trustee for Tricolor Auto, is responsible for facilitating payments and providing protection for noteholders, managing defaults and ensuring that transactions are processed correctly. WTNA on Sept. 20 announced its intent to resign as indenture trustee and custodian for Tricolor’s asset-backed securitization (ABS) transactions but will […] The post Tricolor trustee plagued by payment challenges, potential fraud app...| Auto Finance News