Wednesday, July 30, 2008

GE Money announces winding down of Canadian mortgage business

"To our broker partners,

GE Money wishes to advise that, effective at the close of business this coming Thursday, July 31, we will no longer be accepting mortgage applications. This difficult decision to wind down our mortgage business in Canada comes as a result of a lengthy analysis of our global business, as GE and GE Money continue to apply investment capital in areas providing the best potential return for our shareholders.
Though we will stop taking mortgage applications as of Thursday, we will fund our outstanding commitments.
We are grateful to our employees, and to our many broker and business partners who assisted in the development and launch of our mortgage products across Canada. Our first priority today is to assist the members of our talented team who have been impacted by the announcement with the transition to the next steps in their careers.

Best regards,
Joe Veckerelli
President, GE Money-Mortgages"

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