General Electric Announces Plans to Sell Remains of WMC Mortgage
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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
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
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