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GE Pays $1.5B To End DOJ’s Crisis-Era Mortgage Claims

Law360 (April 12, 2019, 1:01 PM EDT) -- General Electric will pay $1.5 billion to end the U.S. Department of Justice's claims over subprime home loans that were bundled into the kind of risky securities that kneecapped the financial world when the underlying mortgages failed en masse around 10 years ago, the DOJ announced Friday.

General Electric’s Friday settlement with the DOJ is the latest in a string of enforcement actions over the failures that led to the 2008 financial crisis. (AP) The settlement is the latest in a line of enforcement actions under the Financial Institutions Reform, Recovery, and Enforcement Act aimed at the failures that led to the financial...

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