GE Money Canada Exits Mortgage Business

The global credit crisis has claimed another victim in the Canadian mortgage industry as General Electric Co. winds up its mortgage operations here.

After three years in the business, GE Money Canada said it will stop taking new mortgage applications tomorrow.

"This is the one major, direct impact on the Canadian mortgage market from what's happened in the U.S.," said Jim Murphy, president of Canadian Association of Accredited Mortgage Professionals.