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Tuesday, April 23, 2019 12:09:22 PM
Weyerhaeuser Mortgage based in Woodland Hills was a consistently profitable home lender since 1955. They made low-cost prime mortgages to qualified buyers of homes built by Weyerhauser's home builders like Pardee Homes.
Then in 1998 it was sold to the private equity firm Apollo Global Management which directed the company's focus onto subprime borrowers.
In 2004 GE bought the company, by then known as WMC, and made it into an active bottom feeding addition to Jack Welch's crooked nonbank lending group originating $165 billion of misleading mortgages to unqualified home buyers between 2004 and 2005. The seventh largest non-prime lender in the world.
11 days after GE paid a record $1.5 billion fine for using WMC to sell deceptive mortgages, today GE placed WMC into Chapter 11 bankruptcy.
Without the crookedness of Apollo and GE Weyerhaeuser Mortgage could have remained a profitable prime home lender originating a couple Billion a year in home mortgages to qualified buyers.
I think Jack Welch was one of the most damaging corporate criminals of our era. He took an American institution and destroyed it with unrelated operations which generated fake profits and profit created with fraudulent products.
A Disgusting Man.
Then in 1998 it was sold to the private equity firm Apollo Global Management which directed the company's focus onto subprime borrowers.
In 2004 GE bought the company, by then known as WMC, and made it into an active bottom feeding addition to Jack Welch's crooked nonbank lending group originating $165 billion of misleading mortgages to unqualified home buyers between 2004 and 2005. The seventh largest non-prime lender in the world.
11 days after GE paid a record $1.5 billion fine for using WMC to sell deceptive mortgages, today GE placed WMC into Chapter 11 bankruptcy.
Without the crookedness of Apollo and GE Weyerhaeuser Mortgage could have remained a profitable prime home lender originating a couple Billion a year in home mortgages to qualified buyers.
I think Jack Welch was one of the most damaging corporate criminals of our era. He took an American institution and destroyed it with unrelated operations which generated fake profits and profit created with fraudulent products.
A Disgusting Man.
We've run out of other people's Social Security taxes needed to subsidize our low income tax rates.
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