WMC Mortgage Corporation, also known as WMC or WMC Direct, was a Woodland Hills, California based wholesale originator of subprime residential mortgages.
The company was founded in 1955 as Pacific Western Mortgage Company. It went through several mergers and became known as Weyerhaeuser Mortgage Company (owned by Weyerhaeuser). In the late 1990s it was sold to private equity firm Apollo Global Management, and entered the subprime mortgage lending business. GE Money (formerly GE Consumer Finance), owned by General Electric, bought WMC Mortgage in 2004 for about $500 million. WMC Mortgage catered to consumers with less than perfect borrower profiles. The company was among the largest subprime lenders in the United States, ranking seventh in 2005 and fifth in 2006 in the dollar volume of subprime mortgage originations.
GE ceased WMC's operations in late 2007 due to the subprime market collapse.
Video WMC Mortgage
References
Maps WMC Mortgage
External links
- News report by Michael Hudson, iWatch News - Fraud and Folly: The Untold Story of General Electric's Subprime Debacle (Friday 13 January 2012)
Source of the article : Wikipedia
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