Monday, November 10, 2008

GMAC mortgage unit might not survive!

General Motors Corp. says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive.
The automaker said today in a filing with the Securities and Exchange Commission that market developments have raised substantial doubt about the viability of Residential Capital LLC.
The filing says the value of Residential Capital’s mortgage loans have deteriorated due to weak housing prices, delinquencies and defaults. It also is having trouble raising capital...Article
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