- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Driving Health Care Innovation
- Downturn is Prime Time for Airport Infrastructure Projects
- Seeking Innovation in Health Care
- Cramer: 5 Earnings Reports to Watch Next Week
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Next Week’s Top IPO
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Gold Rises, Nears Record High as Dollar Drops
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Web Extra: Where Will The Next Bull Come From?
Text Size 
General Electric's [GE
Loading...
()
] WMC Mortgage subprime lending unit plans to lay off 771 workers, about half of its staff, a spokeswoman said.
The layoffs will include the closing of facilities in Costa Mesa and San Ramon, California, as well as Addison, Texas. Following the cuts, WMC will employ about 700 people, spokeswoman Brandie Young told Reuters.
"We have realigned our resources to meet customer needs and we've announced a layoff, a workforce reduction, which will include the closure of three smaller offices," Young said. "It certainly is in response to the changes across the industry and to align us to the current operating environment."
The Burbank, California-based lender in March disclosed layoffs of more than 460 people.
When GE reported first-quarter financial results, the company said it had cut lending dramatically, making just $3.4 billion in new loans during the first quarter, down from $9 billion in the fourth quarter.
Subprime lenders make home loans to less-creditworthy buyers. As the U.S. housing market has cooled, that business has slowed dramatically and faced higher rates of default. At least 20 subprime lenders have gone out of business as a result.
GE is the parent company of CNBC.com.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes