GE warns its subprime mortgage unit could file for bankruptcy

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GE warns its subprime mortgage unit could file for bankruptcy

GE warns its subprime mortgage unit could file for bankruptcy

CNN-

General Electric is still haunted by its disastrous adventure in subprime mortgage lending more than a decade ago.

GE (GE) shut down WMC, its mortgage business, in 2007 after the market for lending to risky borrowers collapsed. But the business still faces legal trouble, including lawsuits from investors and an investigation by the Justice Department.

GE warned in a filing on Tuesday evening that WMC could file for bankruptcy if it loses one of those lawsuits.

[CNN]

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