(Bloomberg) -- General Electric Co. plans to sell
its three-year-old U.S. subprime mortgage unit following a surge
in defaults by borrowers.
``The mortgage industry has greatly changed since the
purchase of WMC,'' Laurent Bossard, chief executive officer of
the division, said in an e-mail to employees yesterday. ``The
current subprime market environment has made a significant
negative impact on the business.''
Read more at Bloomberg Bonds News
its three-year-old U.S. subprime mortgage unit following a surge
in defaults by borrowers.
``The mortgage industry has greatly changed since the
purchase of WMC,'' Laurent Bossard, chief executive officer of
the division, said in an e-mail to employees yesterday. ``The
current subprime market environment has made a significant
negative impact on the business.''
Read more at Bloomberg Bonds News
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