GMAC Loses $5bn on Mounting Mortgage Woes

GMAC Financial Services [stock GOM][/stock] posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss.

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glenn.simpson. WSJ : Ameriquest handed out more than $20 million in political donations and played a big role in persuading legislators in New Jersey and Georgia to relax tough new laws. Those victories, in turn, helped blunt efforts by other states to crack down on reckless lending, critics of the industry contend.

GMAC Mortgage Faces Class Action over Alleged Forced Placed Insurance Kick Backs.. The complaint alleges that GMAC, in its capacity as loan servicer, has reimbursed itself with respect to force.

Ireland is coming under mounting pressure to tap into the EFSF to alleviate the crisis now gripping the 11-year-old single currency. Amid fears that Ireland’s woes will trigger a domino effect across.

Housing Wire – "GMAC Loses $5bn on Mounting Mortage Woes" (2-4-10) "GMAC financial services (gom: 19.8199 -0.85%) posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss compares to net income of $7.5bn in Q409 and net loss of $747m in Q309.

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Cerberus’ Subprime Woes (Reuters. is a leading mortgage lender that focuses on jumbo, adjustable-rate home loans [that are] too big to conform to the standards of. Fannie Mae (FNM) and Freddie Mac.

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Connaught’s shares have lost more than 90% of their value since the company issued a profits warning on June 25, blaming government austerity measures for its woes. Since then. its debts in the.

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