Items Tagged with 'General Electric Co.'

ARTICLES

  • 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.
    Read More
  • GE gets subpoena over subprime mortgage operation

    DOJ investigating whether GE broke any laws from 2005 to 2007
    GE disclosed in its annual report on Friday that its lending unit, GE Capital, and defunct subprime lending unit WMC, received subpoenas in January. GE said it will cooperate with the Justice Department's investigation, which is at an early stage.
    Read More
  • Genworth Shares Tumble After TARP Rejection

    Mortgage and life insurer Genworth Financial Inc. [stock GNW][/stock] saw its shares tumble in early trading Monday, falling as much as 31 percent on investor concern after the company said late last week that it had failed to qualify for a capital injection from the U.S. Treasury.
    Read More
  • 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.
    Read More
  • 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.''
    Read More