Wmc Mortgage Corp

Wholesale mortgage lender WMC Mortgage Corp. is moving from Woodland Hills to a former Lockheed Martin Corp. Skunk Works building in Burbank now part of Media Studios North. WMC will move into 195,000 square feet on four floors at 3100 Thornton Ave. in the complex owned by M. David Paul & Associates, a Santa Monica developer. The estimated value of the 10-year lease is $55 million.

Federal authorities are investigating possible fraud at General Electric Co.'s former subprime mortgage arm amid increased public pressure to hold Wall Street accountable for its role in the financial crisis. The FBI and Justice Department are looking into potentially criminal business practices at WMC Mortgage Corp. in Burbank during the home-loan boom, according to four people with knowledge of the investigation. They declined to be identified because of the sensitivity of the investigation.

Federal authorities are investigating possible fraud at General Electric Co.'s former subprime mortgage arm amid increased public pressure to hold Wall Street accountable for its role in the financial crisis. The FBI and Justice Department are looking into potentially criminal business practices at WMC Mortgage Corp. in Burbank during the home-loan boom, according to four people with knowledge of the investigation. They declined to be identified because of the sensitivity of the investigation.

The layoff ax fell again Thursday in the sub-prime loan industry, with WMC Mortgage in Burbank saying it would eliminate 771 jobs, more than half its workforce that remained after March cuts. WMC, a unit of General Electric Co., said the cuts include closing offices in Costa Mesa, San Ramon, Calif., and Addison, Texas.

WMC Mortgage Corp., one of the nation's largest subprime lenders, recently reported total loan originations of nearly $1 billion in the second quarter of 1998. For the three months that ended June 30, the Woodland Hills-based company recorded $920 million in wholesale originations on a total of 9,910 loans. Retail originations in the same period tallied about $74 million from 699 loans. At the end of the second quarter, WMC's pipeline of loans in progress totaled $1.9 billion, including $1.

The layoff ax fell again Thursday in the sub-prime loan industry, with WMC Mortgage in Burbank saying it would eliminate 771 jobs, more than half its workforce that remained after March cuts. WMC, a unit of General Electric Co., said the cuts include closing offices in Costa Mesa, San Ramon, Calif., and Addison, Texas.

A historic Washington state home bought by Courtney Love about eight years ago is up for public auction to satisfy debts in a foreclosure case, authorities say. The 41-year-old rocker, who was married to Nirvana frontman Kurt Cobain, purchased the bungalow for his family in 1997 and now owes about $367,000, including the loan balance and legal fees, to WMC Mortgage Corp. of Los Angeles, which filed for foreclosure in court.

* Brian Woods has been appointed chief marketing officer and senior vice president of NetZero, Westlake Village, following NetZero's merger with AimTV, where Woods served as chief executive officer. NetZero provides free Internet access to consumers in exchange for marketing information. * Mark Walter has been named executive vice president, credit & operations for WMC Mortgage Corp., Woodland Hills, the company said.

The Golden State has become the lend of plenty. Of the top 10 subprime mortgage lenders in the U.S., seven are based in Southern California, according to a report released Monday by the Mortgage Bankers Assn. What's more, of the $276.3 billion in subprime loans originated in 2003, nearly a quarter, or 22.6%, went to borrowers living in California, the association said. The state with the next largest share was Florida at 7.7%.

A luxury rehabilitation center in Newport Beach has sued rocker Courtney Love for more than $180,000 for treatment she received after overdosing at a Hollywood nightclub in the summer of 2005. Love, whose three-month live-in program at Beau Monde International began in August 2005, paid the center $10,000 after entering treatment, but has repeatedly refused to pay the rest, said the lawsuit, filed this month in Orange County Superior Court.

Wholesale mortgage lender WMC Mortgage Corp. is moving from Woodland Hills to a former Lockheed Martin Corp. Skunk Works building in Burbank now part of Media Studios North. WMC will move into 195,000 square feet on four floors at 3100 Thornton Ave. in the complex owned by M. David Paul & Associates, a Santa Monica developer. The estimated value of the 10-year lease is $55 million.

WMC Mortgage Corp., one of the nation's largest subprime lenders, recently reported total loan originations of nearly $1 billion in the second quarter of 1998. For the three months that ended June 30, the Woodland Hills-based company recorded $920 million in wholesale originations on a total of 9,910 loans. Retail originations in the same period tallied about $74 million from 699 loans. At the end of the second quarter, WMC's pipeline of loans in progress totaled $1.9 billion, including $1.

* James P. O'Shaughnessy has been elected a corporate officer of Costa Mesa-based Rockwell International Corp. He is vice president and chief intellectual property counsel. Before joining Rockwell in 1996, O'Shaughnessy was a partner with the law firm of Foley & Lardner, based in Milwaukee. * Robert L. McSparran has been appointed manager of real estate for HomeBase Inc., an Irvine chain of home improvement warehouses.