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GE to pay $1.5 billion U.S. civil fine over subprime mortgages
(Reuters) - General Electric Co will pay a $1.5 billion civil fine to resolve a long-running U.S. investigation into defective subprime mortgages offered by its former WMC Mortgage unit prior to the 2008 global financial crisis.
The U.S. Department of Justice on Friday said the accord resolves claims that GE concealed the poor quality of the loans and WMC’s lax fraud controls when packaging the loans into residential mortgage-backed securities sold to investors.
WMC was acquired by GE’s finance unit General Electric Capital Corp in 2004, and originated more than $65 billion of mortgage loans in the next three years.
GE had in January announced an agreement in principle for Friday’s settlement, and had previously set aside $1.5 billion for the accord. The Boston-based company did not admit wrongdoing in agreeing to settle.
“This is another step in our ongoing efforts to de-risk GE Capital,” GE said in a statement. “This agreement represents a significant part of the total legacy exposure associated with WMC and we are pleased to put this matter behind us.”
https://www.reuters.com/article/us-ge-settlement/ge-to-pay-1-5-billion-u-s-civil-fine-over-subprime-mortgages-idUSKCN1RO233
he is right about the airport capability. should have gone to DIA.
Mexico, U.S. to discuss NAFTA replacement, border delays
MERIDA, Mexico (Reuters) - Mexican government and business leaders meet with their U.S. counterparts for a second straight day on Friday, seeking to hasten ratification of a trade deal, resolve border delays that are hurting exporters, and discuss metals tariffs.
The talks coincide with renewed tensions over trade and the border after two years of uncertainty sparked by President Donald Trump’s demand to renegotiate the North American Free Trade Agreement (NAFTA).
U.S. Commerce Secretary Wilbur Ross and Mexican Economy Minister Graciela Marquez are scheduled to meet on the sidelines of the so-called U.S.-Mexico CEO Dialogue in the Mexican city of Merida in the Yucatan peninsula.
Their meeting will center on ratification of the deal agreed to replace NAFTA, the United States-Mexico-Canada Agreement (USMCA), as well as a dispute over tomato trade and the steel and aluminum tariffs the Trump administration imposed on Mexico nearly a year ago under the “Section 232,” Marquez told Reuters.
https://www.reuters.com/article/us-mexico-usa-business/mexico-u-s-to-discuss-nafta-replacement-border-delays-idUSKCN1RO1NT?feedType=RSS&feedName=businessNews
and the new guy was cut from the same cloth-both lawyer's first.
gave it up year's ago but they can't have him winning all the time. Like woods in golf. get's stale.