Subprime mortgage crisis

GE to pay $1.5 billion fine over WMC Mortgage subprime loans

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.