GE Officially Shuts WMC, Selling Remains
General Electric has officially closed its subprime unit WMC Mortgage and is preparing to sell its remains to an undisclosed buyer.
“They’re down to a transition team,” said a spokesman for GE Money, a division that oversees WMC.
Last year the nonprime lender ranked 21st among all funders in the U.S., according to the Mortgage Industry Directory.
The spokesman said he no longer represents WMC but said the lender is being sold. He would not elaborate. WMC president and CEO Laurent Bossard could not be reached for comment.
Tags: Lenders With Problems 2007, Mortgage News, Subprime Implosion, Subprime Mortgage, Subprime Mortgage Industry
