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88 GE 2011 ANNUAL REPORT
    
WMC originated and sold has been tendered for repurchase,
and of those loans tendered, only a limited amount has quali-
fi ed as “validly tendered,” meaning the loans sold did not satisfy
contractual obligations. In the second half of 2011, a lawsuit was
fi led against WMC relating to representations and warranties on
$321 million of mortgages. Uncertainties surrounding economic
conditions, the ability and propensity of mortgage holders to
present valid claims, governmental actions, pending and threat-
ened litigation against WMC and other activity in the mortgage
industry make it diffi cult to develop a meaningful estimate of
aggregate possible claim exposure. Actual losses could exceed
the reserve amount if actual claim rates, investigative or litiga-
tion activity, valid tenders or losses WMC incurs on repurchased
loans are higher than we have historically observed with respect
to WMC.
WMC revenues (loss) from discontinued operations were
$(42) million, $(4) million and $2 million in 2011, 2010 and 2009,
respectively. In total, WMC’s losses from discontinued operations,
net of taxes, were $34 million, $7 million and $1 million in 2011,
2010 and 2009, respectively.
OTHER FINANCIAL SERVICES
In the second quarter of 2011, we entered into an agreement to
sell our Australian Home Lending operations and classifi ed it as
discontinued operations. As a result, we recognized an after-tax
loss of $148 million in 2011. We completed the sale in the third
quarter of 2011 for proceeds of approximately $4,577 million.
Australian Home Lending revenues from discontinued operations
were $250 million, $510 million and $727 million in 2011, 2010 and
2009, respectively. Australian Home Lending earnings (loss) from
discontinued operations, net of taxes, were $(65) million, $70 mil-
lion and $113 million in 2011, 2010 and 2009, respectively.
In the fi rst quarter of 2011, we entered into an agreement to
sell our Consumer Singapore business for $692 million. The sale
was completed in the second quarter of 2011 and resulted in the
recognition of a gain on disposal, net of taxes, of $319 million.
Consumer Singapore revenues from discontinued operations
were $30 million, $108 million and $113 million in 2011, 2010 and
2009, respectively. Consumer Singapore earnings from discon-
tinued operations, net of taxes, were $333 million, $36 million and
$25 million in 2011, 2010 and 2009, respectively.
In the fourth quarter of 2010, we entered into agreements
to sell our Consumer RV Marine portfolio and Consumer Mexico
business. The Consumer RV Marine and Consumer Mexico dispo-
sitions were completed during the fi rst quarter and the second
quarter of 2011, respectively, for proceeds of $2,365 million
and $1,943 million, respectively. Consumer RV Marine revenues
from discontinued operations were $11 million, $210 million and
$260 million in 2011, 2010 and 2009, respectively. Consumer RV
Marine earnings (loss) from discontinued operations, net of taxes,
were $2 million, $(99) million and $(83) million in 2011, 2010 and
2009, respectively. Consumer Mexico revenues from discontin-
ued operations were $67 million, $228 million and $303 million
in 2011, 2010 and 2009, respectively. Consumer Mexico earnings
(loss) from discontinued operations, net of taxes, were $30 million,
$(59) million and $66 million in 2011, 2010 and 2009, respectively.
GE INDUSTRIAL
GE industrial earnings (loss) from discontinued operations, net of
taxes, were $(1) million, $(5) million and $(19) million in 2011, 2010
and 2009, respectively. The sum of GE industrial earnings (loss)
from discontinued operations, net of taxes, and GECS earnings
(loss) from discontinued operations, net of taxes, is reported as GE
industrial earnings (loss) from discontinued operations, net of
taxes, on the Statement of Earnings.
Assets of GE industrial discontinued operations were $52 mil-
lion and $50 million at December 31, 2011 and December 31,
2010, respectively. Liabilities of GE industrial discontinued opera-
tions were $158 million and $164 million at December 31, 2011,
and December 31, 2010, respectively, and primarily represent
taxes payable and pension liabilities related to the sale of our
Plastics business in 2007.