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ResCap Results, Outlook Diminish

$11.2 billion Q3 originations

November 5, 2008

By MortgageDaily.com staff

Residential Capital LLC's business continued to deteriorate as its parent warned the unit would fail without additional economic support. One bright spot, however, was the origination of loans insured by the Federal Housing Administration.

Third-quarter U.S. mortgage production was $11.2 billion, earnings data reported today by parent GMAC Financial Services indicated. Fundings fell from $17.0 billion in the second quarter and $20.2 billion during the third-quarter 2007.

From January through September, originations were $47.0 billion.

Prime conforming accounted for $6.8 billion of the latest quarter's activity, tumbling from $12.2 billion in the second quarter. Prime jumbo originations were $0.3 billion, off from $0.4 billion, and higher-margin government volume was $4.1 billion -- climbing from the second-quarter's $3.8 billion.

The U.S. mortgage servicing portfolio ended the period at $391.9 billion, down from $397.8 billion on June 30. Prime mortgages held for investment were $23.1 billion on Sept. 30, while nonprime holdings were $6.7 billion.

The Minneapolis-based lender had a third-quarter loss of $1.9 billion, the same as the prior quarter. A year earlier, the loss was $2.3 billion.

In an attempt to stem the bleeding, ResCap announced during the third quarter it would shut down wholesale lending subsidiary Homecomings Financial LLC, close 200 GMAC Mortgage retail offices and lay off 5,000 employees.

GMAC, which saw a company-wide third-quarter loss of $2.5 billion, forgave nearly $200 million in ResCap's outstanding liabilities, increasing ResCap's net worth.

"Adverse market conditions have made it difficult for ResCap to maintain adequate capital and liquidity levels," the report said. "As a result, absent economic support from GMAC, substantial doubt exists regarding ResCap's ability to continue as a going concern."

GMAC is considering becoming a commercial bank holding company -- a move that would substantially improve its access to capital.

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