WMC 1Q Production Plunges by 50%

The General Electric-owned WMC Mortgage -- the nation's fourth-largest subprime lender -- funded $3.4 billion in residential mortgages in the first quarter, a stunning 50% decline from its funding level in the same quarter last year.A company spokeswoman confirmed the production number to MortgageWire. Last month WMC slashed its work force by 20% -- about 460 workers -- as it moves to restructure amid a major shakeout in the subprime sector. It has also stopped funding 80/20 loans, once a hot product for the firm.