GE plans sharp reduction in new home mortgages
Published: 19 Mar 2009 17:35:23 PSTNEW YORK, March 19 - General Electric Co expects to cut its worldwide origination of home mortgages to $1 billion this year, down from $13.8 billion in 2008, said Mark Begor of GE Capital on Thursday.
The U.S. conglomerate's U.K. mortgage portfolio -- the largest slice of its mortgage business -- is under pressure, he added.
"Delinquencies are clearly pressured by a weak U.K. economy," Begor said.
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