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GMAC Loses $5bn on Mounting Mortgage Woes

The indebted Kharafi Group, which owns an estimated 26 percent of Zain and is thought to owe about $5bn to local banks, has been a divisive influence. Kharafi needs cash, analysts say, and led two aborted attempts to band together with other shareholders and sell a controlling stake in Zain, most recently to Etisalat at KD1.7 per share.

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GMAC Loses $5bn on Mounting Mortgage Woes . 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.

Discuss GMAC’s red ink adds to GM woes in the forum at Car Dealer Forums;. The move by Standard & Poor’s ratings services reflect mounting cash losses in the Detroit Big Three’s North American automotive operations

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I hate it when a bank decides to exit the mortgage business. It’s no fun for many people, real people. The News. Announced early this morning (Via Wall Street Journal E-mail Alert), GMAC announced they’d be cutting around 5,000 jobs due to mounting concerns of their mortgage division.

 · The spectre of the behemoth US financial sector brought to its knees by bad home loans has focused the spotlight on the role of housing in economic activity.

 · 18 April. 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.

GMAC posts loss on mortgage woes. Jonathan Stempel. 4 Min Read. NEW YORK (Reuters) – Finance company GMAC said on Tuesday its first-quarter loss nearly doubled as more customers fell behind on.

General Motors Corp.’s financial woes continued to mount as the automaker revised its losses for 2005 to $10.6 billion – $2 billion more than it reported in January.

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

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