WMC Mortgage
WMC Mortgage Corporation, also known as WMC or WMC Direct, was a Woodland Hills, California
based wholesale originator of subprime residential mortgages.
The company was founded in 1955 as Pacific Western Mortgage Company. It went through several mergers and became known as Weyerhaeuser Mortgage Company. In the late 1990s it was sold to private equity firm Apollo Global Management, and entered the subprime mortgage lending business. GE Money, owned by General Electric, bought WMC Mortgage in 2004 for about $500 million. WMC Mortgage catered to consumers with less than perfect borrower profiles. The company was among the largest subprime lenders in the United States, ranking seventh in 2005 and fifth in 2006 in the dollar volume of subprime mortgage originations.
GE ceased WMC's operations in late 2007 due to the subprime market collapse.
GE’s WMC Mortgage unit filed for Chapter 11 bankruptcy.
