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Residential Capital Corp

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BUSINESS
June 22, 2005 | From Bloomberg News From Dow Jones/Associated Press
Bond investors came out in droves Tuesday for a piece of the new private note offering from Residential Capital Corp., the new, separate home mortgage unit of General Motors Corp.'s finance unit, General Motors Acceptance Corp. The $4-billion bond deal, which garnered demand of more than $17 billion, provided the high-grade bond market with much to cheer about. Investors gave the deal their stamp of approval, despite the borrower's ties to recently junked GM.
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BUSINESS
March 7, 2007 | From Bloomberg News and Reuters
General Motors Corp. may join the list of victims of the surge in sub-prime mortgage defaults. GM may take a charge of almost $1 billion to cover bad mortgage loans made by its former home-lending unit, Residential Capital, said Lehman Bros. analyst Brian Johnson. Residential Capital relies on loans to people with high debt burdens or poor or limited credit records for more than three-quarters, or $57 billion, of its loan portfolio, Johnson wrote in a recent report.
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BUSINESS
March 7, 2007 | From Bloomberg News and Reuters
General Motors Corp. may join the list of victims of the surge in sub-prime mortgage defaults. GM may take a charge of almost $1 billion to cover bad mortgage loans made by its former home-lending unit, Residential Capital, said Lehman Bros. analyst Brian Johnson. Residential Capital relies on loans to people with high debt burdens or poor or limited credit records for more than three-quarters, or $57 billion, of its loan portfolio, Johnson wrote in a recent report.
BUSINESS
June 22, 2005 | From Bloomberg News From Dow Jones/Associated Press
Bond investors came out in droves Tuesday for a piece of the new private note offering from Residential Capital Corp., the new, separate home mortgage unit of General Motors Corp.'s finance unit, General Motors Acceptance Corp. The $4-billion bond deal, which garnered demand of more than $17 billion, provided the high-grade bond market with much to cheer about. Investors gave the deal their stamp of approval, despite the borrower's ties to recently junked GM.
BUSINESS
May 28, 1993 | James S. Granelli / Times staff writer
ITT Realigns Management: ITT Federal Bank had been searching for a president for the past two months but has now decided instead to realign its command and change its operation. Scott Allen was hired as executive vice president and chief operating officer of the Irvine thrift. On Monday, Allen, 43, started to direct the thrift's $2 billion in loans and other assets toward conventional residential mortgage lending and mortgage banking operations.
BUSINESS
March 17, 2006 | From Reuters
General Motors Corp. on Thursday revised its loss for 2005 to $10.6 billion, $2 billion more than initially reported, because of charges associated with its restructuring, the bankruptcy of former subsidiary Delphi Corp. and its finance arm, GMAC. The company said in a statement that on a per-share basis its 2005 loss was $18.69 when fully accounting for those charges, up from a previously reported per-share loss of $15.13.
BUSINESS
June 3, 1994 | James S. Granelli: Times staff writer
Since its president left 14 months ago, fast-growing ITT Federal Bank has gradually shifted its management team from Irvine to San Francisco. The savings and loan, one of the financial subsidiaries of giant ITT Corp. in New York, still has its three full-service branches in Orange County and a business office in Irvine. But the top corporate officers are in the Bay Area, and many of them report to the immediate parent company, ITT Residential Capital Corp.
BUSINESS
March 29, 2006 | From the Associated Press
General Motors Corp. said Tuesday that it might be unable to sell a majority stake in its finance division. The warning came in an annual report that highlighted the myriad risks and financial woes confronting the world's largest automaker. GM has been counting on the sale of a 51% stake in General Motors Acceptance Corp. as a way to raise as much as $15 billion in badly needed cash for the struggling automaker. But GM warned anew Tuesday that a deal might not happen.
BUSINESS
November 14, 1995
* Charles E. Boone has been named president of Con-Way Western Express in Buena Park, a regional trucking company. He succeeds George C. Reid, who left the company. Boone had been vice president of sales for Con-Way Southern Express in Fort Worth. In addition, James P. Gray has joined the company as executive vice president. Gray had been vice president of national sales for Con-Way Transportation Services, the parent company. * Clair W.
BUSINESS
June 10, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
ITT Corp. said Friday that it has sold the remaining assets of its finance subsidiary, including the large ITT Federal Bank in Irvine, to a series of buyers for a combined $5.5 billion. The nation's 23rd-largest company said the sale of ITT Financial Corp. in St. Louis and a string of its units completes ITT's restructuring efforts, giving it total cash proceeds of $13 billion. ITT did not disclose the buyers.
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