| by Harold Brubaker |
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GMAC:ResCap in danger of failing
GMAC Financial Services said today that its Fort Washington subsidiary, Residential Capital L.L.C., is in danger of failing without additional support from its parent. GMAC Financial said difficult market conditions had made it hard for ResCap, which employs 1,400 in the Philadelphia region, to maintain the liquidity needed to make loans. ResCap lost $1.91 billion in the third quarter, three-quarters of GMAC Financial's $2.52 billion loss. In the comparable period a year ago, ResCap lost $2.26 billion, driving GMAC Financial to a $1.6 billion overall loss. More... |
by Associated Press
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Pa. voters approve water bond
Pennsylvanians yesterday voted to allow the state to borrow $400 million to repair and upgrade water and sewer systems. With 84 percent of precincts reporting, the yes votes were leading by a ratio of nearly 2-1.
The grants and loans would help sewage- and water-treatment plants throughout the state meet federal standards for discharge into the Chesapeake Bay.The money would also be used to curb stormwater runoff, reduce pollution, and address the harmful environmental effects of farm chemicals.
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| by Inquirer Staff |
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Radian reports $36.7M in 3Q income
Mortgage insurer Radian Group Inc. reported that third-quarter net income was $36.7 million, or $0.46 per share, compared with a net loss of $703.9 million, or $8.82 per share. Total revenue for the period that ended Sept. 30 was $419 million. Radian had reported a $104 million loss in revenue in the comparable quarter last year. Analysts had predicted a loss for the quarter. Shares were up 35.13 percent at midafternoon to $4.77, and had traded as high as 50 percent over yesterday's closing price of $3.53. First-lien primary mortgage insurance defaults were 9.71 percent, a 16 percent increase over the comparable quarter, the company said in a release. More... |
