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iWATCH | Feds investigating possible fraud at GE’s former subprime unit WMC

iWATCH | Feds investigating possible fraud at GE’s former subprime unit WMC


I don’t know about you, but doesn’t it seem that every player who sold subprime loans knew exactly what they were selling? Fraud?

Like everything else this will NOT lead to any criminal charges. Same old dance.

iWATCH News-

Federal authorities are investigating possible fraud at General Electric Co.’s former subprime mortgage arm amid increased public pressure to hold Wall Street accountable for its role in the financial crisis.

The FBI and the U.S. Justice Department are looking into potentially criminal business practices at Burbank, Calif.-based WMC Mortgage Corp. during the home-loan boom, according to four people with knowledge of the investigation. They declined to be identified because of the sensitivity of the investigation.

[iWATCH NEWS]

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