General Electric Co. says it is actively looking for a buyer for its subprime subsidiary, WMC Mortgage, and has revealed that it sold off $3.7 billion, or 75%, of WMC's loan portfolio during the second quarter.GE executives said their "timing was good" and that the sales were completed before there was "additional turmoil" in the subprime mortgage market. The company's second-quarter results show that GE took a $182 million loss on WMC, including exit costs. The giant international company is continuing to restructure the Irvine, Calif.-based mortgage company for the sale and has already reduced its staffing by 70%. WMC still has a $1.1 billion subprime portfolio, and a GE executive said the "platform has value."
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
4h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
6h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
11h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23 -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23