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Fraud and folly: The untold story of General Electric’s subprime debacle

By Michael Hudson

High-paid employees of fraud-plagued, GE-owned WMC Mortgage included ex-porn star, strippers

Excerpts from this story referencing "WMC":

"… ome loans by paying roughly half a billion dollars to buy California-based WMC Mortgage Corp.What GE got in the bargain, former WMC employees say, was a …"

"… buy California-based WMC Mortgage Corp.What GE got in the bargain, former WMC employees say, was a place where erstwhile shoe salesmen, ex-strippers and …"

"… actress could sign on as sales reps and make big money pushing home loans. WMC's top salespeople earned a million dollars a year or more and lived fast, …"

"… eys.In pursuit of these riches and perks, several ex-employees claim, many WMC sales staffers embraced fraud as a tool for pushing through loans that bor …"

Woman says GE-owned subprime lender deceived, defrauded her

By Michael Hudson

Mortgage on modest home becomes legal nightmare for West Virginia woman

Excerpts from this story referencing "WMC":

"… laid out the costs and details of her loan.The $67,500 loan was funded by WMC Mortgage Corp., a subsidiary of General Electric since 2004.GE shuttered W …"

"… C Mortgage Corp., a subsidiary of General Electric since 2004.GE shuttered WMC in 2007, but before it did, the lender booked more than $100 billion dolla …"

"… y of them ended up going bad. One $319 million pool of mortgages funded by WMC in 2005, for example, would later show a 44 percent delinquency rate, acco …"

"… radio and electric hand mixer.About a year after Timmons signed up for her WMC loan, her suit claims, she was surprised to learn that the loan paperwork …"

Feds investigating possible fraud at GE’s former subprime unit

By Michael Hudson and E. Scott Reckard

Federal investigators looking into possible fraud at GE's now-closed subprime lender

Excerpts from this story referencing "WMC":

"… king into potentially criminal business practices at Burbank, Calif.-based WMC Mortgage Corp. during the home-loan boom, according to four people with kn …"

"… e of the sensitivity of the investigation.The government is asking whether WMC used falsified paperwork, overstated borrowers’ income and other tactics …"

"… t comment on specific investigations. However, he said any allegation that WMC sold large numbers of fraudulent loans to investors was false.GE …"

"… of fraudulent loans to investors was false.GE acquired WMC near the height of the mortgage boom in 2004, giving it a major presence i …"