GE Money launches mortgages in the Maritime Provinces


    Growing company promises speed, simplicity, consistency

    MISSISSAUGA, ON, March 7 /CNW/ - GE Money, the Canadian consumer lending
unit of the General Electric Company (NYSE: GE), today officially launched its
consumer mortgage business in the Maritime provinces, as part of its national
expansion strategy.
    Also known as non-conventional mortgages and offered via mortgage
brokers, the GE Money offering is primarily directed to consumers who may find
it difficult to qualify for traditional, bank-originated mortgage loans. These
include individuals who are self-employed, recent immigrants or those with
less than perfect credit. The GE Money approach features exclusive online
qualification tools, unique automated approvals within a streamlined,
hassle-free process and an innovative approach to funding.
    GE Money's presence in the mortgage industry has grown rapidly since its
introduction of mortgages in late 2005. "The market has embraced the GE Money
approach to mortgages," says Rick Lunny, president of GE Money - Mortgages.
    With a GE Money mortgage, brokers receive loan approvals in as little as
a few seconds and always under two hours and funds are delivered in as little
as five days. The offering also features a unique, risk-based pricing model
that promises consistent responses, using a simple, web-based application
tool.
    As part of its mortgages launch, GE Money is also introducing its "One
Plus" mortgage to customers in the Maritimes. The One Plus mortgage offers a
low interest rate, up to a 40-year amortization, a one-year term and
manageable payments. It allows the borrower to take on a more traditional
mortgage should their credit situation improve. "The One Plus mortgage is
about accessibility and giving consumers additional choice and opportunities,"
adds Lunny.
    GE Money is the first in Canada to offer a 40-year amortization and
offers a MasterCard with every mortgage that features no interest, no payments
for 90 days on home closing expenses. The company has also recently introduced
rental property mortgages, and the ability to borrow up to 104% loan-to-value.
    Mortgage brokers or prime lenders interested in offering GE Money
mortgages can visit www.gemoney.ca for more information.

    About GE Money

    With more than $190 billion in assets, GE Money, a unit of General
Electric Company, is a leading provider of credit services to consumers,
retailers and auto dealers in 50 countries around the world. GE Money Canada
provides private label credit card and MasterCard programs to consumers, and
lending options for retailers in key industries across the country. GE Money
also is a provider of alternative residential mortgages. More information can
be found at www.gemoney.ca.
    GE is Imagination at Work - a diversified technology, media and financial
services company focused on solving some of the world's toughest problems.
With products and services ranging from aircraft engines, power generation,
water processing and security technology to medical imaging, business and
consumer financing, media content and advanced materials, GE serves customers
in more than 100 countries and employs more than 300,000 people worldwide. For
more information, visit the company's Web site at www.ge.com.
    In Canada, GE has more than 10,000 employees, 19 major manufacturing
plants and more than 150 sales and service locations across the country.(disponible en français)
For further information: Troy Underhill, Communications Manager, GE
Money, (905) 858-5658, troy.underhill@ge.com