Items Tagged with 'WMC Mortgage'

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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 to pay $1.5 billion fine over WMC Mortgage subprime loans

    Reaches settlement with DOJ
    General Electric will pay a fine of $1.5 billion as part of a settlement with the Department of Justice over the pre-crisis lending activities of GE’s shuttered subprime lending unit, WMC Mortgage. The lender allegedly misrepresented the quality of the “majority” of its loans, which were sold to investors as part of residential mortgage-backed securities between 2005 and 2007.
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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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  • Former WMC CEO Leads Acquistion of "High-Touch" Special Servicer

    Vantium Capital Inc., a new private equity investment outfit headed up by former WMC Mortgage CEO Amy Brandt, said on Tuesday that it had joined the ranks of investors looking to snag a slice of the growing distressed mortgage business. The company snapped up Dallas-based Acqura Loan Services, a third-party special servicing platform established last year by former Option One Mortgage Co. exec David Vida.
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  • Friday Night, Lights Out -- Fitch Downgrades $5.3 Billion in RMBS

    Keeping up with the downgrades on various subprime RMBS deals here at HW is turning into a full time job. (And one that requires plenty of coffee.) Here's a list of the downgrades issued tonight by Fitch alone -- remember, these are the downgrades issued just in one night at one rating agency. Total downgraded dollar value: $5.3 billion. $9.53 million downgraded from a 2002 Centex RMBS deal -- 17.90 percent of loans 60+ days delinquent.
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