(Reuters) - GMAC, the finance company in which General Motors Corp.
sold a majority stake last year, last month said it
posted a first-quarter net loss as the subprime mortgage crisis
forced it to take charges. GM Chief Financial Officer Fritz
Henderson also said the "maelstrom" of the subprime market
caused the automaker's results to fall short of forecasts.
ResCap, a survivor of the crisis that sent dozens of
lenders out of business or into bankruptcy, is still working to
get its mortgage products "in front of customers," Wold said,
speaking at the American Securitization Forum's annual meeting
in New York. Subprime lending will pick up but probably won't
return to the "old" heyday, she said.
Read more at Reuters.com Bonds News
sold a majority stake last year, last month said it
posted a first-quarter net loss as the subprime mortgage crisis
forced it to take charges. GM Chief Financial Officer Fritz
Henderson also said the "maelstrom" of the subprime market
caused the automaker's results to fall short of forecasts.
ResCap, a survivor of the crisis that sent dozens of
lenders out of business or into bankruptcy, is still working to
get its mortgage products "in front of customers," Wold said,
speaking at the American Securitization Forum's annual meeting
in New York. Subprime lending will pick up but probably won't
return to the "old" heyday, she said.
Read more at Reuters.com Bonds News
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