April 12, 2019 / 4:47 PM / 2 months ago

GE to pay $1.5 bln penalty related to subprime mortgages

April 12 (Reuters) - General Electric Co will pay a $1.5 billion civil penalty to resolve claims related to subprime residential mortgage loans offered by its WMC Mortgage unit, the U.S. Department of Justice said on Friday.

The settlement resolves claims that GE and WMC misrepresented the quality of the loans, as well as WMC’s internal quality and fraud controls, in connection with the marketing and sale of residential mortgage-backed securities. (Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)

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