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GE Sells More Loans; Seeks Buyer for WMC.
BURBANK, CA -- WMC Mortgage here sold $3.7 billion in subprime mortgages in the second quarter as its parent, General Electric, prepares to the sell the subprime wholesaler in the next few months.
GE executives said they are actively seeking a buyer for WMC, during a teleconference with investors and analysts about GE's second-quarter results, and they will continue to restructure the business in preparation for the sale.
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