General Electric -- which four years ago dumped its 'A' paper mortgage unit and is in the process of getting out of mortgage insurance -- has agreed to buy WMC Mortgage, Woodland Hills, Calif., the nation's 12th largest subprime funder.GE's consumer finance division is acquiring the online wholesale lender for an undisclosed amount from Apollo Management LP, New York, a group headed by famed bargain hunger Leo Black. Mr. Black bought WMC back in 1997 when it was called Weyerhaeuser Mortgage and was funding mostly conventional loans. According to figures compiled by National Mortgage News WMC services $2.4 billion in loans, ranking 29th among all subprime servicers. As MortgageWire went to press on Wednesday, officials from both GE and WMC could not be reached for comment. One former GE Mortgage Insurance official said of his former employer: "I don't know what their motivation is."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11