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 The spokesman said he no longer represents WMC but said the lender is being sold.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.
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Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
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In some California markets, a household would need a six-figure raise to afford monthly payments on a typical home, new Zillow research found.
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The former management and program analyst, working three jobs, submitted time sheets showing over 24 hours of work per day, prosecutors said.
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Democrats reintroduce a $100 billion housing equity bill to help first-generation buyers and address racial disparities in homeownership.
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The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
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The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.
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