WMC Mortgage Corporation, also known as WMC or WMC Direct, was original named Weyerhaeuser Mortgage Company was a wholesale originator of subprime

Subprime lending

In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule...

 residential mortgage

Mortgage

A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt...

s owned by GE Money (formerly GE Consumer Finance). General Electric

General Electric

General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...

 bought WMC Mortgage from Apollo Global Management in 2004. WMC Mortgage catered to consumers with less than perfect borrower profiles. GE ceased WMC's operations in late 2007 due to the subprime market collapse

Subprime mortgage crisis

The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....

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