Legal

Report: GE Looks to Sell WMC 

Bloomberg reports this morning: General Electric Co. plans to sell WMC Mortgage, the company’s three-year-old U.S. subprime mortgage unit, following a surge in defaults by borrowers. “The mortgage industry has greatly changed since the purchase of WMC,” Laurent Bossard, chief executive officer of the division, said in an e-mail to employees yesterday. “The current subprime market environment has made a significant negative impact on the business.”