Mortgage Lending and Financials were not the place to on Thursday...

Mortgage Lending and Financials were not the place to on Thursday (and the rout is continuing so far today). Here is Thursday's scorecard: BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Mortgage Lending and Financials were not the place to on Thursday (and the rout is continuing so far today). Here is Thursday's scorecard: GMAC, the home and auto lender formerly owned by General Motors Corp. reported a $1.6 billion loss on lower demand for mortgages and higher provisions for failed loans and impaired assets. Radian (RDN) , the third-largest U. S. mortgage insurer, reported a $703.9 million loss after writing off $468 million on a unit that invested in subprime mortgages. MetLife (MET) lost $25 million from its $1.8 billion of investments in 25 hedge funds in the third quarter, Chief Investment Officer Steven Kandarian told analysts on a conference call today. The New York-based company had another $47 million of losses linked to investments in homebuilders and CDOs. Ambac (ABK) bonds were downgraded to 'deteriorating'' from 'stable'' by Gimme Credit Publications Inc. because of the world's second-largest bond insurer's risk from CDO obligations. GMAC is majority owned by a buyout group led by New York-based Cerberus Capital Management LP. GMAC's results included a $2.3 billion loss at its Residential Capital LLC mortgage unit. I am still trying to figure out how anyone could possibly have been interested in buying GMAC from GM. Even more puzzling was GM's reluctance to part with all of it as opposed to 51% of it. Effective October 31st 2007, Citi Home Equity will discontinue lending on all Purchase Money transactions for properties in California. By the way it's Minyan Peter who deserves the credit for this umbrella quip. He was all over Citigroup's case on October 2 in The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.

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