tyb
Albert Joly Street fire in a warehouse of car
GE’s WMC Mortgage unit, felled by financial crisis, files Chapter 11 bankruptcy
(Reuters) – General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a $1.5 billion U.S. fine over defective subprime mortgages issued by WMC before the 2008 financial crisis.
The Chapter 11 filing affords “finality” for WMC, given its limited cash –$175,000– and support from GE, and the threat of further claims, WMC Chief Executive Mark Asdourian said in a filing with the U.S. bankruptcy court in Wilmington, Delaware.
WMC was bought by General Electric’s GE Capital unit in 2004, and originated more than $65 billion of mortgage loans from 2005 to 2007.
It halted originations in 2007 because of the collapse of the U.S. housing and financial markets. WMC sold most of its assets that December to DLJ Capital.
Tuesday’s filing is part of GE’s effort to address liabilities incurred through many years of expansion under prior management, while improving profitability and cash flow.
“This filing is another important step in the de-risking of GE Capital,” a GE spokeswoman said in a statement about WMC’s bankruptcy. “GE and GE Capital are not part of the filing and the case has no adverse impact on our business operations.”
WMC said the bankruptcy would help it complete a $198 million settlement over its packaging in 2006 of 5,000 mortgage loans into securities sold to investors.
It said that would resolve the last of 14 lawsuits it faced over residential mortgage-backed securities, following $870 million of settlements of the other 13 lawsuits.
The $1.5 billion civil settlement on April 12 resolved U.S. Department of Justice claims that GE concealed the poor quality of WMC’s loans and WMC’s lax fraud controls. GE did not admit wrongdoing.
The case is In re WMC Mortgage LLC, U.S. Bankruptcy Court, District of Delaware, No. 19-bk-10879.
https://www.oann.com/ges-wmc-mortgage-unit-felled-by-financial-crisis-files-chapter-11-bankruptcy/
but please ignore what habbens to the source material of the battery's they have to 'dispose" of when those POS's need to have them replaced.
KYS
have another sperg bot
you think they(TSLA) recycle that crap? They need to but it's too expensive for them to do it so they don't. Can't even get the paint right on a car that costs how much? Why recycle it when china will just give you moar.
That's why it was in quote's, doubt very seriously that they do it on much of a scale.
getting there.
not my plate obviously but some of us don't give a shit. Have sticker on car and someone paid for car wash a few week's ago-never saw who it was. Don't care about da doxx that way. Fuck 'em
>>6285301 This Japanese billionaire lost $130 million on bitcoin
Notable
These are the "professionals".
understand that anon. It's unclear if he did but it's on paper and like 95% of the population it is "real" to them. Anon last week was on about how much they 'made' watching stocks go up and was then asked if they sold. Have not made or lost jack unless that is executed.
np. sorry about the size but can be blown up for printing purposes if needed.
That's why I wear short sleeves bitchezzzz
methinks a mess of franklin mint plates/'collectable' royal crap about to be pitched in the garbage soon.