The General Electric-owned WMC Mortgage, the nation's fourth largest subprime lender, confirmed that it has trimmed staff by 20% -- about 460 workers -- as it moves to restructure amid a major shakeout in the subprime sector.The cuts were revealed late Friday, a few days after National Mortgage News reported that layoffs were in the works at the wholesaler. Sources also told NMN that WMC has been trying to sell delinquent second liens in the secondary market, but has not liked the bids. The Burbank, Calif.-based company has not returned several telephone calls made to it by NMN and MortgageWire.

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