GE finalizes $1.5B DOJ settlement over old subprime unit

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 · Posted on December 18, 2013 by The Resolution Law Group Tagged General Electric Municipal bond New York Steven Goldberg The Resolution law group ubs united States United States courts of appeals United States Department of Justice CommentsNo Comments on The Resolution Law Group: Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are.

General Electric Co. faces potential legal action by the U.S. Department of Justice over allegations that its GE Capital unit and now-defunct WMC Mortgage Corp. unit violated U.S. law in connection with subprime mortgages, according to a regulatory filing on Friday.

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General Electric Co. finalized an agreement to pay $1.5 billion to settle a U.S. investigation into the manufacturer’s defunct subprime mortgage business. The civil penalty will resolve claims that WMC Mortgage, a former unit of GE’s finance arm, misrepresented the quality of residential mortgage-backed securities, the U.S. Justice Department said in a statement.

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 · GE also announced a settlement with the U.S. Department of Justice over its subprime mortgage practices before the 2008 financial crisis. GE will pay a $1.5 billion civil penalty, money it has already set aside. Culp ruled out selling GE’s $40-billion aircraft leasing unit, quelling concerns that jettisoning the profitable unit would sink GE.

 · Mr. Finan said the settlement agreement is neither an admission of liability by BRMC nor a concession by the United States (Department of Justice) that its claims are without basis, and allows BRMC to make settlement payments to the government through 2018. “BRMC has no desire to expend more time, energy and resources on further legal.

GE to pay $1.5 billion fine over WMC Mortgage subprime loans GE books $1.5 billion for potential settlement with DOJ over WMC subprime loans Cynthia Barraza was a reporter for HousingWire.

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Under the settlement, Unocal will pay $2.72 million to the Trust for Public Land (TPL), $1 million to the state Department of Justice (DOJ), and $500,000 to California’s Water Pollution Cleanup.