Losses Mount at Troubled ResCap
Posted by Paul Jackson on Jul 31st, 2008
2008
Jul 31
GMAC Financial Services residential mortgage unit Residential Capital LLC lost $1.86 billion during the second quarter, according to a preliminary earnings report released Thursday morning — a huge loss for one of the more troubled large lenders and servicers in the industry. The second quarter loss more than doubled the $859 million loss recorded one [...]