April 12 () - General Electric Co will pay a $1.5 billion civil penalty to resolve claims related to subprime residential mortgage loans offered by its WMC Mortgage unit, the U.S. Department of Justice said on Friday.
The settlement resolves claims that GE and WMC misrepresented the quality of the loans, as well as WMC's internal quality and fraud controls, in connection with the marketing and sale of residential mortgage-backed securities.
OCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
April 12 () - General Electric Co will pay a $1.5 billion civil penalty to resolve claims related to subprime residential mortgage loans offered by its WMC Mortgage unit, the U.S. Department of Justice said on Friday.
The settlement resolves claims that GE and WMC misrepresented the quality of the loans, as well as WMC's internal quality and fraud controls, in connection with the marketing and sale of residential mortgage-backed securities.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
