Items Tagged with 'GE'

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  • GE's subprime lender WMC Mortgage files for Chapter 11 bankruptcy

    Comes weeks after GE agreed to pay $1.5 billion fine for WMC's activities
    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.
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  • GE claims it reached $1.5 billion settlement with DOJ over WMC subprime loans

    No official word from DOJ yet
    It appears that General Electric may finally be close to putting its shuttered subprime lending unit completely in its past. It’ll just cost the company $1.5 billion to do so. GE revealed Thursday that it reached a tentative agreement with the Department of Justice that would see GE pay a fine of $1.5 billion for the lending activities of WMC Mortgage.
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  • GE books $1.5 billion for potential settlement with DOJ over WMC subprime loans

    GE sold WMC in 2007, but problems still remain
    General Electric may be facing a fine of at least $1.5 billion for the lending activities of its shuttered subprime lending unit, WMC Mortgage. GE revealed last week that it booked a reserve of $1.5 billion that may be used as a settlement with the Department of Justice over the company’s subprime lending from 2005 through 2007.
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  • Equifax names new CEO as fallout from data breach continues

    Mark Begor will take over for Paulino do Rego Barros
    Equifax has found who it believes is the right person to lead the company into its next phase as the credit reporting agency continues to deal with the fallout from its massive data breach that exposed the personal information of nearly 148 million U.S. consumers to hackers. Equifax announced Wednesday that it is naming former GE executive Mark Begor as its next CEO.
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  • BofA, Wells Post Highest 2008 Originations

    Bank of America Corp. [stock BAC][/stock] and Wells Fargo [stock WFC][/stock] took the top originating positions in the commercial and multifamily market in 2008, according to a report released Tuesday by the Mortgage Bankers Association.
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  • Latest Miss: GE Blames Capital Markets for Earnings Woes

    So much for those earnings that GE CEO Jeffrey Immelt had said were "in the bag" just a few weeks ago -- in a stunning reversal that caught investors and analysts alike by surprise, General Electric Co. [stock GE][/stock] reported Friday its first decline in quarterly earnings since 2003 and cut its earnings forecast amid historic troubles in the capital and mortgage markets.
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  • PHH Warns on Debt Financing Pullback; Sale to GE, Blackstone in Doubt

    PHH Corp., the nation's 11th largest mortgage servicer according to National Mortgage News, warned today that its $1.8 billion sale to Blackstone and GE may collapse as numerous investment banks shy away from funding leveraged buyouts. PHH's mortgage operations were to be bought by an affiliate of Blackstone, while GE planned to keep the company's vehicle-leasing unit.
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