« Impac Mortgage Posts $2 Bln Loss in 2007 on Credit Woes | Main | Zaio Launches “Go Live 2008” »
May 23, 2008
GMAC's ResCap Says $9.5 Bln Bonds Tendered
Residential Capital LLC in Minneapolis reports that investors tendered about $9.5 billion of bonds late on May 21. The GMAC mortgage unit wants to restructure or buy back $14 billion worth of bonds to avoid a shortfall on cash. ResCap, the second-largest independent mortgage lender in the United States after Countrywide Financial, says the exchange will help it reduce its debt burden after losing $5.3 billion over the past six quarters on rising delinquencies and declining volumes.
Posted by S. Germain at May 23, 2008 07:49 AM