``The Associated Press reported that Residential Capital (ResCap), the mortgage lending unit of GMAC, faces the likelihood of losing any financial support from GMAC and the two companies that own GMAC, General Motors and private equity firm Cerberus Capital. Moody's cut its ratings on ResCap to default levels and said its "liquidity position is tenuous, its franchise impaired and corporate governance weakened." ''

Comments: Be the first to add a comment

add a comment | go to forum thread