GMAC Loses $5bn on Mounting Mortgage Woes

Many legacy mortgage reits have lost access to capital for extended periods.. GMAC Commercial Holding Corp. Assets: $5 bn.. Stall, Rental Affordability Problems Mount”, Fannie Mae Commentary, May 7, 2012.

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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.

GMAC LLC swung to a fourth-quarter profit on the $11.4 billion gain from its bond exchange as credit woes continued to mount for the financier.. GMAC turns quarterly profit after bond exchange By

Ocwen buying portfolio of delinquent Ginnie Mae mortgages That’s the feeling at Ginnie Mae. mortgage payments, the servicer is still able to advance payments to bondholders until the loan is resolved. If a Ginnie loan goes delinquent for 90 days, the.

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 · The Justice Department said on Wednesday it was probing reports that the nation’s top mortgage lenders improperly evicted struggling borrowers from their.

Barclays takes a further £1bn writedown on assets. Citigroup reveals another $12bn in sub-prime losses, bringing its total to $40bn, the most of any bank. It cuts 9000 jobs amid a quarterly loss of $5bn, down from $9.8bn in the previous quarter. Wall Street investment banks Goldman Sachs and Lehman.