General Electric Announces Plans to Sell Remains of WMC Mortgage
As part of the subprime fallout, General Electric announced today in it’s earnings report that they will sell WMC Mortgage. After WMC posted a 182 million dollar loss in the second quarter, GE divested 3.7 billion worth of loans from the troubled lender. The remaining 1 billion dollars worth of loans in WMC Mortgage’s portfolio will be included in the sale.
General Electric decided to sell the unit in May, a person familiar with the plan said.
Profit at GE Money, the unit that includes WMC Mortgage, rose 8 percent on a 17 percent revenue increase. Costs of $200 million at the division included the WMC loss.
WMC provided about $100 million of the parent company’s $20.8 billion in total profit last year. The unit this year slashed its workforce by more than half and added $330 million to reserves in the first quarter, GE said in April.
Financial adviser Morgan Stanley will explore a sale of the unit in the “next couple of months,” a memo to employees said. via Bloomberg.com
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Comment by bill on 13 July 2007:
Its too bad WMC couldnt get it together. I’m a broker and I used them for several transactions. Service was good but rates were not very competitive. Real Estate Finance