In the Company’s 2013 audited financial statements, Note 7 listing the Company’s notes payable references the “GE Mortgage.” In the Company’s financial statements for prior years, the list of notes payable referred instead to the “GSMC Mortgage.” Why was this change made?
In 2008, GE acquired from GSMC the controlling senior note position and the loan servicing rights for this loan. This change was made to avoid further confusion regarding the identity of the current controlling note holder and servicer of the loan.
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