GE Sells More Loans; Seeks Buyer for WMC
WMC Mortgage here sold $3.7 billion in subprime mortgages in the second quarter as its parent, General Electric, prepares to the sell the subprime wholesaler in the next few months.
GE executives said they are actively seeking a buyer for WMC, during a teleconference with investors and analysts about GE's second-quarter results, and they will continue to restructure the business in preparation for the sale.
The investment banking firm Morgan Stanley is advising GE on the sale.
In selling off 75% of WMC's subprime portfolio, GE executives said their "timing was good." They indicated the second-quarter loan sales were completed before there was "additional turmoil" in the subprime mortgage marke. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/