GE to Pay $1.5 Billion Fine over Subprime Mortgage Misdeeds

MarketWatch, Apr. 12, 2019–Andrea Riquier
General Electric will pay a civil penalty of $1.5 billion over subprime mortgage loans, the Department of Justice said Friday. WMC Mortgage, a GE subsidiary, and GE itself “misrepresented the quality” of the loans made by WMC, as well as the quality controls of GE’s mortgage bonds, the DOJ said in a filing.