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Loan Modification

: Mortgage Lender Implode-o-Meter

GMAC Reports First Profit Since 2008, Rebrands as Ally Financial

By Implode-Explode Heavy Industries

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"The companies mortgage operations, including ResCap and the mortgage activities of Ally Bank and ResMor Trust, reported a $175m income in Q110 after a $995m loss in Q409. Its mortgage loan production in Q109 dropped to $13.3bn in Q110 from $18.1bn in Q409. GMAC pointed to lower mortgage market volumes and seasonal patterns as reasons for the downturn."

Full post as published by Mortgage Lender Implode-o-Meter on May 03, 2010 (boomark / email).

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