GE says it set aside $1.5B for subprime mortgage settlement [Seeking Alpha]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Seeking Alpha
GE says it set aside $1.5B for subprime mortgage settlementGeneral Electric (GE+3.6%)set aside $1.5B of reserves for a potential legal settlement in connection with alleged subprime mortgage violations under GE Capital in 2006-07, the company revealed in its latest earnings report."In March, we had settlement discussions following the DoJ's assertion that WMC and GE Capital violated" the Financial Institutions Reform, Recovery, and Enforcement Act, CFO Jamie Miller said during today's earnings conference call, referring to the federal law on loans.Before GE reported the $1.5B reserve, Deutsche Bank had estimated GE had set aside $426M and Bank of America said its model assumed ~$1B of cash outflow to settle the WMC claims, although Barclays settled a similar Justice Department allegation for $2B last month.See all stocks on the move »Now read:Now Is Probably The Right Time To Make Your Move On General Electric »
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