Federal Contractor Misconduct Database (FCMD)
WMC Mortgage Subprime Loan Investigation
In January 2019, General Electric announced it had reached an agreement in principle to pay a $1.5 billion civil penalty to settle a U.S. Department of Justice investigation into GE’s former lending unit, WMC Mortgage. WMC’s lending activities were part of a federal investigation into possible illegal conduct by the subprime mortgage loan industry in the lead-up to the 2008 housing crisis.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement Announcement