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WMC Mortgage


Self Description

Third-Party Descriptions

March 2007: "In another case, the PMI Group, a mortgage insurer, sued WMC Mortgage, a subprime lender that has stopped making loans, and its corporate parent, General Electric, in California Superior Court. PMI is trying to force the companies to buy back or replace loans that the firm was hired to insure and that it says were made fraudulently or in violation of the standards that the lender said it was using."

http://www.nytimes.com/2008/01/22/business/22legal.html

January 2008: "Fairfield, Connecticut-based GE, the second-largest company by market value, doesn't break out sales of WMC, which is part of its GE Money consumer finance division. Total mortgages in the Americas accounted for 7 percent of about $6.2 billion in GE Money's annual revenue in the region last year, according to an October presentation to investors. GE Money overall contributed $21.8 billion of the parent company's $163.4 billion in total sales last year.

GE bought WMC from private-equity firm Apollo Management LP in 2004 for an undisclosed amount. GE had exited the U.S. mortgage business in 2000 by selling its home-loan unit to San Francisco-based Wells Fargo & Co."

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1UVtnHgpow4

Relationships

RoleNameTypeLast Updated
Owned by (partial or full, past or present) Apollo Management Organization Jan 22, 2008
Owned by (partial or full, past or present) GE Money Organization Jan 22, 2008
Opponent (past or present) PMI Group Organization Jan 22, 2008

Articles and Resources

Date Fairness.com Resource Read it at:
Jan 22, 2008 If Everyone’s Finger-Pointing, Who’s to Blame?

QUOTE: Two questions lie at the heart of many...[recent mortgage market] cases. The first is whether lenders and investment banks alerted borrowers and investors to the risks posed by subprime loans or securities backed by them. The second is how much they were legally obliged to disclose.

New York Times