GO
Loading...

Enter multiple symbols separated by commas

GE's WMC Subprime Unit Sells $3 Billion in Loans

General Electric's subprime lending arm WMC Mortgage sold about $3 billion in nonprime loans in the second quarter, lowering the volume of loans on its books to about $1.5 billion, a company spokesman said Tuesday.

The loans sold included a mix of first and second liens, said GE Money spokesman Michael Ettlemyer.

The Burbank, California-based business was one of scores of lenders targeting the subprime market, or borrowers with weaker credit histories. Defaults in this segment of the market have surged this year, leading some borrowers to lose their homes and causing about 50 subprime lenders to close.

GE is the parent of CNBC and CNBC.com.


Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Lottery ticket

    A thief who broke into the car of a Seattle couple left behind a million-dollar lottery ticket, NBC News reports.

  • The Lamborghini SpA Urus SUV.

    There's no shortage of luxury vehicle choices, but increasingly the wealthy are opting for high-end SUVs instead of traditional models.

  • Mike Trout #27 of the Los Angeles Angels takes a picture with fans before a game with Boston Red Sox at Fenway Park on May 23, 2015 in Boston, Massachusetts.

    MLB is using digital media initiatives like Snapchat and Web video to connect with younger viewers. Is it enough?

U.S. Video

  • Cramer: Here's the no. 1 play in cybersecurity

    Guarding Your Portfolio? "Mad Money" host Jim Cramer's got the number one pick for protection services in today's digital world.

  • Underestimate Cisco at own peril: Cramer

    Mad Money's Jim Cramer takes a look at the cybersecurity space to see if it could also protect your money.

  • Fly with LUV?

    While remaining profitable, Gary Kelly, Southwest Airlines chairman and CEO, tells Mad Money's Jim Cramer the company continues to focus on being a great airline and offering great customer service.