TITLE

ResCap Plummets to Loss in Fourth Quarter

PUB. DATE
March 2007
SOURCE
National Mortgage News;3/19/2007, Vol. 31 Issue 25, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the decline in the profits of GMAC Financial Services to $2.1 billion in the U.S. in 2006. The business losses were blamed on the poor performance of Residential Capital (ResCap), the company's residential mortgage unit. ResCap suffered losses of $651 million in the fourth quarter of 2006 due to the slowdown in the housing market.
ACCESSION #
24508135

 

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