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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

WMC Mortgage Subprime Loan Investigation

General Electric paid a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to resolve claims involving subprime residential mortgage loans originated by WMC Mortgage, a GE subsidiary. WMC, GE, and their affiliates allegedly misrepresented the quality of WMC’s loans and the extent of WMC’s internal quality and fraud controls in connection with the marketing and sale of residential mortgage-backed securities; as a result, investors suffered billions of dollars in losses.

Misconduct Type
Securities
Enforcement Agency
Justice
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Settlement Announcement
1/31/2019
Contractors Involved Penalty
Total
General Electric $1,500,000,000
Further Information Released
DOJ Press Release 4/12/2019
GE Press Release (excerpt) 1/31/2019

Federal Contractor Misconduct Database