TITLE

Res Cap Still a Burden for GMAC

PUB. DATE
March 2008
SOURCE
Mortgage Servicing News;Mar2008, Vol. 12 Issue 2, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
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 loss was claimed to have been caused by higher funding costs, writedowns of credit residuals and impairment in real estate assets and equity investments.
ACCESSION #
31233968

 

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