WMC Mortgage LLC, the subprime mortgage origination shop owned by GE Capital since 2004, has officially filed for a Chapter 11 reorganization as its parent company attempts to restructure the business and move past legacy costs tied to the financial crisis.
On April 12, GE agreed to pay $1.5bn on behalf of WMC to the Department of Justice for alleged misrepresentations in the purchase and sale of subprime loans
included in residential mortgage-backed securities, although the parties did not admit any formal liability. GE Capital had also provided around
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