$1 Billion Sought In Subprime Mortgage Mess

LOS ANGELES (CN) - GE Money Bank and WMC Mortgage are trying to duck their contractual responsibilities for misrepresentations and deficient underwriting services for nearly $1 billion in improperly originated subprime mortgage loans, PMI Mortgage Insurance Co. claims in superior Court. PMI, which insured securities backed by loans originated by GE and WMC, is represented by Kenneth Hausman with Howard Rice Nemerovski Canady Falk & Rabkin of San Francisco.

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