GE claims it reached $1.5 billion settlement with DOJ over WMC subprime loans

It appears that General Electric may finally be close to putting its shuttered subprime lending unit completely in its past. It’ll just cost the company $1.5 billion to do so. GE revealed Thursday that it reached a tentative agreement with the Department of Justice that would see GE pay a fine of $1.5 billion for the lending activities of WMC Mortgage.
Source: HousingWire Magazine