| | | Losses May Sink GMAC's Residential Lending Unit | | | Wed, 5 Nov 2008 09:49:41 EST
General Motors Corp. (GM) had another bad day on Tuesday as its partially owned subsidiary GMAC Financial Services announced a major loss for the third quarter. GMAC is co-owned by GM and Cerberus Capital Management, a private-equity firm. While its original role was to finance the purchase of General Motors autos, over the years it has evolved into a major mortgage lender and insurance company. The company's losses have come from both its subprime lending and vehicle leasing operations and GMAC admitted that its mortgage lender, Residential Capital LLC (ResCap) may not survive the current downturn without significant financial input from GMAC.
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| CNBC Videos 11/5/2008 10:27:41 AM The financial services company's credit losses is the highest in two years in consumer auto-finance operations, reports CNBC's David Faber |
| CNBC Videos 11/5/2008 10:52:48 AM A look at how the President-elect plans to save the economy starting with housing, reports CNBC's Diana Olick |
| CNBC Videos 11/5/2008 7:14:48 AM Discussing the Democratic-controlled Congress and what it will mean for Wall St. next year, with Anthony Chan, JPMorgan's Private Wealth Management and Alan Gayle, Ridgeworth Capital Management and Brian Gardner, KBW Washington |
| CNBC Videos 11/5/2008 7:48:21 AM Insight on the election and the economy, with Wilbur Ross, WL Ross chairman/CEO and Jack Welch, former GE CEO |
| CNBC Videos 11/5/2008 8:40:37 AM A look at the employment data, with CNBC's Steve Liesman |
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