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 The spokesman said he no longer represents WMC but said the lender is being sold.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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