TITLE

Servicing Crimps ResCap's Results

PUB. DATE
December 2007
SOURCE
Mortgage Servicing News;Dec2007/Jan2008, Vol. 11 Issue 11, p12
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the $2.3 billion loss suffered by the mortgage lending division of GMAC Financial Services, ResCap, in the third quarter of 2007 in the U.S. According to the article, the loss is mostly related to asset writedowns and loss on the sale of loans, which includes the $455 million goodwill disability charge. It reveals that as of September 30, 2007, the allowance of GMAC for loan losses as a percentage of lending receivables increases from 1.45% to 3% a year earlier.
ACCESSION #
28038819

 

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