General Electric has officially closed its subprime unit, WMC Mortgage of Burbank, Calif., and is preparing to sell its remains to an undisclosed buyer, MortgageWire, has learned."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 The spokesman said he no longer represents WMC but said the lender is being sold.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 at press time. On Monday morning a receptionist at WMC said there were no executives in the building who could comment.
-
The Senate version includes restoration of the mortgage interest deduction, but a tax code revision likely would stifle foreign investment in real estate.
3h ago -
The department's head pointed out that manufactured housing is the most affordable non-subsidized option for building homes.
4h ago -
Bill Pulte's social media posts saying inflation has fallen far enough added to intensified political pressure on the independent Federal Reserve chairman.
4h ago -
Previous predictions of a "silver tsunami" that might add essential housing supply are ebbing as senior citizens see benefits of aging in place, Redfin said.
5h ago -
Despite increased concerns about tariffs and inflation, 55% of Americans feel upbeat about their fiscal future, according to TransUnion.
7h ago -
Housing advocates are cheering the Senate's embrace of expanding Low Income Housing Tax Credits which ensures a volume increase and reduces a key bond threshold test.
7h ago