TITLE

ResCap Loss Pushes GMAC Financial Services into the Red

AUTHOR(S)
Cornwell, Ted
PUB. DATE
February 2008
SOURCE
National Mortgage News;2/11/2008, Vol. 32 Issue 19, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on the $724 million loss of GMAC Financial Services in the fourth quarter of 2007 due to the big loss of its subsidiary, Residential Capital (ResCap), in the U.S. According to the author, ResCap was affected by the subprime mortgage crisis experienced in the country and recorded a net loss of $921 million. Other information related to ResCap are also mentioned.
ACCESSION #
30012765

 

Related Articles

  • GMAC TAKES $1.6B LOSS ON MORTGAGES.  // Mortgage Servicing News;Sep2009, Vol. 13 Issue 8, p31 

    The article reports on the 3.9 billion dollars after-tax net loss of GMAC Financial Services for the second quarter. It mentions that the after-tax net loss of GMAC includes a 1.6 million dollars loss on the disposition of international mortgage assets and provision, impairments and reserves on...

  • GMAC Sees Some Light. Cornwell, Ted // National Mortgage News;5/5/2008, Vol. 32 Issue 31, p1 

    The article reports on the business losses experienced by GMAC Financial Services LLC in the first quarter of 2008 in New York. Although the company lost $589 million, it claims that the performance of ResCap, its mortgage unit in the U.S., has improved. ResCap lost $859 million, which is a...

  • Residential Capital Woes Cause Loss at GMAC. Finkelstein, Brad // Origination News;Sep2008, Vol. 17 Issue 12, p3 

    The article reports that New York-based GMAC Financial Services LLC has suffered a second-quarter net loss of $2.5 billion, of which $1.9 billion is creditable to losses at Minneapolis, Minnesota-based Residential Capital LLC.

  • GMAC Unit Loses $2.3B. Cornwell, Ted // National Mortgage News;11/5/2007, Vol. 32 Issue 7, p1 

    The article reports on the financial performance of ResCap (RC) for the third quarter of 2007. RC is the residential mortgage unit of GMAC Financial Services. It incurs a $2.3 billion net loss during the period, consisting of a $1.8 billion operating loss and a $455 million impairment charge to...

  • Res Cap Still a Burden for GMAC.  // Mortgage Servicing News;Mar2008, Vol. 12 Issue 2, p1 

    The article reports on the financial crisis confronting Residential Capital Corp. (ResCap), a subsidiary of GMAC Financial Services in New York. GMAC noted that the firm's $724 million fourth-quarter loss in 2007 was largely attributed to a $921 million net loss at the ResCap unit. The ResCap...

  • GMAC: ResCap May Go Under.  // Investment Dealers' Digest;11/10/2008, Vol. 74 Issue 43, p14 

    The article reports on the business loss recorded by Residential Capital (ResCap) LLC, the mortgage lending subsidiary of GMAC Financial Services LLC, in the U.S. It reveals that the condition was brought by the impact of the economic crisis which resulted to the company's declined profits. It...

  • GMAC Residential Parent Incurs Loss of $254 Million.  // National Mortgage News;8/6/2007, Vol. 31 Issue 44, p8 

    The article reports on the financial losses suffered by Residential Capital LLC for the second quarter of 2007. It states that the firm has lost $254 million during the period, an improvement from a $910 million loss in the first quarter but far below in the firm's performance in 2006. The...

  • Clayton Takes Impairment Charge.  // Mortgage Servicing News;Dec2007/Jan2008, Vol. 11 Issue 11, p12 

    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...

  • Servicing Crimps ResCap's Results.  // Mortgage Servicing News;Dec2007/Jan2008, Vol. 11 Issue 11, p12 

    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...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics