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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