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GE buys real estate lender

June 17, 2004

Giant can now expand American operations


Inman News

GE Consumer Finance, the consumer lending unit of General Electric Co., announced this week it has completed its purchase of WMC Finance Co., a nationwide wholesale lender, from affiliates of Apollo Management LP. Terms were not disclosed.

"Adding the capabilities of WMC will better enable GE Consumer Finance to meet the needs of consumers in the United States," said Mark W. Begor, president and CEO of GE Consumer Finance-Americas. "With the addition of WMC, we now have a broader range of financial solutions to offer consumers."

Amy Brandt will continue to lead WMC. She will serve as president and CEO of the new GE unit, which will remain based in Woodland Hills, Calif.

WMC originates loans through its network of more than 10,000 mortgage brokers who use the company's Internet-based origination system. The company, which employs more than 1,300 people, also has offices in Texas and New York.

Copyright: Inman News Features



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