2012-04-18 — mortgagedaily.com
ResCap missed a semi-annual interest payment that was due April 17 on $1.75 billion in indenture notes with a remaining principal balance of approximately $473 million, according to a Form 8-K filing Tuesday with the Securities and Exchange Commission by parent Ally Financial Inc.
Mortgage operations took a fourth-quarter hit of $237 million at Ally, while the third quarter was a $292 million loss for the business. Still, the losses were just a fraction of approximately $8 billion in losses at GMAC's mortgage business during 2009 and around $5 billion in 2008.
But Ally said in its fourth-quarter report that ResCap's tangible net worth fell below $250 million as of Dec. 31, 2011, though Ally expected to receive waivers from its lenders.
See here for Reuters coverage. ResCap has 30 days from 4/17 to make the payment before it will be considered in formal default.
GMAC (and hence ResCap) is still majority-owned by the US Government.
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