GE finalizes $1.5B DOJ settlement over old subprime unit

General Electric Co. finalized an agreement to pay .5 billion to settle a U.S. investigation into the manufacturer’s defunct subprime mortgage business. The civil penalty will resolve claims that WMC Mortgage, a former unit of GE’s finance arm, misrepresented the quality of residential mortgage-backed securities, the U.S. Justice Department said in a statement.

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General Electric Co faces potential legal action by the U.S. Department of Justice over allegations that its GE Capital unit and now-defunct WMC Mortgage Corp unit violated U.S. law in connection.

General Electric (GE +3.6%) set aside $1.5B of reserves for a potential legal settlement in connection with alleged subprime mortgage violations under GE Capital in 2006-07, the company revealed.

Owning a home is more important than having kids for Americans Kids are so expensive that Americans are having fewer of them than ever before. According to a survey commissioned by The New York Times, many people are worried about the cost of starting a family.

2010-12-10 Taxpayers Receive $10.5 Billion in Proceeds Today from Final Sale of Treasury Department citigroup common stock (treasury press release).pdf. 2007-11-15 GE Bond Fund Investors Cash Out After Losses From Subprime – Bloomberg.pdf. 2008-11-23 Banking Regulator Played Advocate Over Enforcer (Appelbaum, Nakashima – Washington Post.

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General Electric Co. finalized an agreement to pay $1.5 billion to settle a U.S. investigation into the manufacturer’s defunct subprime mortgage business.. GE finalizes $1.5B DOJ settlement over old subprime unit. GE finalizes $1.5B DOJ settlement over old subprime unit Published. April 12.

GE warns it could face DoJ action in subprime lending probe. General Electric expects the US Department of Justice to say that it broke the law. although it has reached a settlement over the.

General Electric shares soared nearly 12% yesterday after the conglomerate beat Q4 estimates for sales and cash flow, while reaching a $1.5B settlement with the DOJ over its accounting practices. GE also confirmed it has no plans to sell aviation unit gecas, shooting down recent rumors.

 · It is useless for the sheep to pass resolutions in favor of vegetarianism while the wolf remains of a different opinion. — Dean William Inge