WMC Mortgage
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WMC Mortgage Corporation, also known as WMC or WMC Direct, was original named Weyerhaeuser Mortgage Company was a wholesale originator of subprime residential mortgages owned by GE Money (formerly GE Consumer Finance). General Electric bought WMC Mortgage from Apollo Global Management in 2004. WMC Mortgage catered to consumers with less than perfect borrower profiles. GE ceased WMC's operations in late 2007 due to the subprime market collapse.
[edit] External links
- News report by Michael Hudson, iWatch News - Fraud and Folly: The Untold Story of General Electric’s Subprime Debacle (Friday 13 January 2012)
