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Loan Modification

: The Truth About Mortgage.com

Mortgage Losses Drive GMAC First Quarter Loss

By scot184

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GMAC reported a first quarter loss of $675 million thanks to elevated credit-related costs, valuation adjustments on mortgage servicing assets, and weaker performance on both auto and mortgage loans. “The effects of a soft economy and weaker credit performance on legacy assets continued to put pressure on GMAC’s financial performance in the quarter,? said GMAC Chief [...]

Full post as published by The Truth About Mortgage.com on May 05, 2009 (boomark / email).

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