Marketing, HELOC Comp, Post-closing Products; New Broker Products

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Posted To: Pipeline Press

M&A grab current headlines (Freedom buying JG Wentworth’s mortgage biz being the latest) but it’s hard to put the past behind us, as an industry, when the past continues to grab them as well. “GE to pay $1.5 billion U.S. fine over crisis-era subprime mortgages.” The U.S. Department of Justice stated 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. As is customary, GE did not admit any wrongdoing, and it is unknown if anyone at GE ever yelled, “We didn’t do anything wrong, but here’s a billion and a half to leave us alone.” WMC originated $65 billion in residential loans from 2004-2007. “They won’t catch us”…(read more)

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