Op risk data: $1.5bn subprime hit for GE Capital

General Electric is still dogged by crisis-era losses

Bubba73 at English Wikipedia

ORX News
07 Feb 2019

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General Electric experienced January’s largest operational risk loss, with its $1.5 billion settlement in principle with the US Department of Justice over subprime mortgage failings at a now-defunct subsidiary. The settlement resolves the DoJ’s investigations into activities at WMC Mortgage, which was the sixth-biggest subprime mortgage lender when it was acquired by GE Capital in 2004. After the US subprime lending industry collapsed in 2007, GE Capital wound up WMC later that year. The

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