GE’s subprime lender WMC Mortgage files for Chapter 11 bankruptcy

GE’s subprime lender WMC Mortgage files for Chapter 11 bankruptcy

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General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a $1.5 billion U.S. fine over defective subprime mortgages issued by WMC before the 2008 financial crisis. The Chapter 11 filing affords "finality" for WMC, given its limited cash

(Reuters) – General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a $1.5 billion U.S. fine over defective subprime mortgages issued by WMC.

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WMC was targeted by federal bank regulators as one of the worst subprime mortgage lenders that fueled the 2008 financial crisis, which cost investors in the junk-quality assets to lose billions.

WMC said it has no funded debt but owes about $94 million to GE Capital as a result of intercompany loans. It filed Chapter 11 to protect its limited assets – about $175,000 in cash – from any.

GE’s WMC Mortgage unit, felled by financial crisis, files Chapter 11 bankruptcy – General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a US$1.5 billion U.S. fine over defective subprime mortgages issued by WMC before the.

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