GE selling subprime unit

July 13, 2007 12:00AM

General Electric has announced it will sell its subprime unit, a move that will take the company out of the U.S. mortgage business. GE took a $500 million pretax charge in the first quarter because of losses on subprime loans, and it sold off around $3 billion in subprime loans in the second quarter. more [WSJ]


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