GE's WMC Mortgage Unit Enters Bankruptcy -- Reuters
April 23 2019 - 2:28PM
Dow Jones News
--General Electric Co.'s (GE) WMC Mortgage unit entered
bankruptcy Tuesday, Reuters reported.
--The unit filed for chapter 11 bankruptcy just weeks after GE
agreed to pay the U.S. Justice Department a $1.5 billion civil
penalty to resolve claims involving subprime mortgage loans
originated by WMC.
--At the time, a GE spokesperson said the settlement contained
no admission of any allegations and concludes the investigation of
WMC.
--WMC's Chief Executive, Mark Asdourian, said in the filing the
unit had limited cash and support from its parent, the report
said.
Full story:
https://www.reuters.com/article/us-ge-wmc-bankruptcy/ges-wmc-mortgage-unit-felled-by-financial-crisis-files-chapter-11-bankruptcy-idUSKCN1RZ1OI
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 23, 2019 14:13 ET (18:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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