GMAC; Deutsche Bank; Allianz
GMAC LLC, the auto and home lender that GM sold to Cerberus,
reported today it lost $589 million in Q1.
The latest results included a loss of $859 million at its Residential Capital LLC mortgage unit. ResCap recorded a $910 million loss a year earlier.
GMAC said home loans that aren't collectible rose to 1.07% of outstanding loans, compared with 0.22% in the previous quarter.
The company wasn't receiving interest on 7.2% of home loans as of March 31.
GMAC ended Q1with $18.6 billion in cash and marketable securities, down from $22.7 billion on Dec. 31.
ResCap's cash balance declined to $4.2 billion from $4.4 billion, while its "total equity base" shrunk to $5.8 billion.
Deutsche Bank, Germany's biggest bank, reported its first quarterly loss in five years
after writing down the value of loans for leveraged buyouts and asset- backed securities by $4.2 billion.
A first-quarter net loss of $210 million vs $3.4 billion profit a year earlier.
Earnings were lifted by almost $1.6 billion from a tax gain and selling stakes in companies such as Allianz, Daimler & Linde.
Allianz, Europe's biggest insurer, (and owner of the worlds largest bond management co. PIMCO) said Q1 profit fell 66%
on writedowns of $1.5 billion at the Dresdner Bank unit tied to the credit-market collapse.
Last year's earnings were swelled by $3.2 billion from selling stakes in other companies.
reported today it lost $589 million in Q1.
The latest results included a loss of $859 million at its Residential Capital LLC mortgage unit. ResCap recorded a $910 million loss a year earlier.
GMAC said home loans that aren't collectible rose to 1.07% of outstanding loans, compared with 0.22% in the previous quarter.
The company wasn't receiving interest on 7.2% of home loans as of March 31.
GMAC ended Q1with $18.6 billion in cash and marketable securities, down from $22.7 billion on Dec. 31.
ResCap's cash balance declined to $4.2 billion from $4.4 billion, while its "total equity base" shrunk to $5.8 billion.
Deutsche Bank, Germany's biggest bank, reported its first quarterly loss in five years
after writing down the value of loans for leveraged buyouts and asset- backed securities by $4.2 billion.
A first-quarter net loss of $210 million vs $3.4 billion profit a year earlier.
Earnings were lifted by almost $1.6 billion from a tax gain and selling stakes in companies such as Allianz, Daimler & Linde.
Allianz, Europe's biggest insurer, (and owner of the worlds largest bond management co. PIMCO) said Q1 profit fell 66%
on writedowns of $1.5 billion at the Dresdner Bank unit tied to the credit-market collapse.
Last year's earnings were swelled by $3.2 billion from selling stakes in other companies.
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