ResCap Future Unclear As GMAC Posts 3Q Loss

Law360, New York (November 6, 2008, 12:00 AM EST) -- Residential Capital LLC, the mortgage unit of GMAC Financial Services, could join a slew of mortgage lenders that have filed for bankruptcy protection this year as a result of the nation's faltering housing market and credit crisis, despite GMAC's efforts to revive the business.

On Wednesday, GMAC revealed serious doubts about the future of its mortgage unit in an announcement that ResCap has lost $9.1 billion in eight straight quarterly losses, including a third-quarter net loss of $1.9 billion, compared with a net loss of $2.3...
To view the full article, register now.