GE’s subprime lender WMC Mortgage files for Chapter 11 bankruptcy HW+Apr 24, 2019
General Electric is moving closer to putting its failed attempt to capitalize on the subprime lending boom into its rearview mirror. Earlier this month, GE agreed to pay a fine of $1.5 billion as part of a settlement with the Department of Justice over the pre-crisis lending activities of the company’s shuttered subprime lending unit, WMC Mortgage. And this week, WMC Mortgage filed for Chapter 11 bankruptcy.
GE to pay $1.5 billion fine over WMC Mortgage subprime loans HW+Apr 12, 2019
GE claims it reached $1.5 billion settlement with DOJ over WMC subprime loans HW+Jan 31, 2019
GE books $1.5 billion for potential settlement with DOJ over WMC subprime loans HW+May 07, 2018
Former WMC CEO Leads Acquistion of “High-Touch” Special Servicer HW+Sep 23, 2008
Friday Night, Lights Out — Fitch Downgrades $5.3 Billion in RMBS HW+Dec 21, 2007