Op risk data: $1.5bn subprime hit for GE Capital
ED&F Man’s commodities loss; cyber events spiral in 2018. Data by ORX News
General Electric experienced January’s largest operational risk loss, with its $1.5 billion settlement in principle with the US Department of Justice over subprime mortgage failings at a now-defunct subsidiary. The settlement resolves the DoJ’s investigations into activities at WMC Mortgage, which was the sixth-biggest subprime mortgage lender when it was acquired by GE Capital in 2004. After the US subprime lending industry collapsed in 2007, GE Capital wound up WMC later that year. The
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