Citazione:
Originalmente inviato da i98mark
Eccone un'altra che va a perdere l'IG. Bene fa l'amministrazione Obama a sottrarre il comparto della generazione di loans federali dalla possibilità per i privati di operarvi.
SLM Corp. Ratings Placed On CreditWatch Negative Following U.S. House Committee Action On Student Loan Origination
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Intanto, per la serie "morti che camminano"...
GMAC:$5.6 Billion New Capital Raising Subject Of Discussion With Fed
August 04, 2009: 10:34 AM ET
BOSTON -(Dow Jones)- GMAC Inc. said it was in discussions with the Federal Reserve Board related to the $5.6 billion the lender has to raise in new capital by Nov. 9.
GMAC has to raise this capital to satisfy the requirements of the government- conducted stress tests earlier this year. The lender could raise these funds through a mix, including issuing new equity, converting other capital securities into common equity, divesting its businesses or asking for additional federal help.
The $5.6 billion is "still a subject of discussion" between the company and the Fed, said Robert Hull, GMAC's chief financial officer, during a discussion Tuesday on the company's second-quarter results. Hull said GMAC doesn't "have a clear answer or one we could disclose."
The lender has until Nov. 9 to raise the required capital.
Hull also said the company would like to issue the rest of the government- backed debt allowed under a program administered by the Federal Deposit Insurance Corp. This federal program is slated to expire by the end of October.
GMAC said in June it will need written approval from the FDIC before it issues any more cheaply priced debt insured by the regulator. At the time, the FDIC said it required GMAC to diversify the overall funding of Ally Bank, the rebranded GMAC Bank unit, and to focus on lowering the bank's deposit costs.
The lender got the much-awaited go-ahead to issue as much as $7.4 billion of debt guaranteed by the FDIC in May. Under this arrangement, GMAC sold $4.5 billion of bonds on June 3.
The ability to sell this type of debt was a central plank in the strapped lender's conversion to a bank-holding company in December.
Hull said that "no options are off the table" for GMAC's ailing mortgage unit, Residential Capital LLC, which reported a loss of $1.8 billion for the second quarter. ResCap, whose subprime-loan business blew up, has been struggling to turn around its fortunes. But "as long as we see the functionality of the business, we'll stay in it." Hull said GMAC wasn't ready to pull the rug from under ResCap, given the lender's "core strengths" of originating and servicing mortgages.
GMAC is also "looking very hard at leasing," said Hull. The lender quit extending new auto leases in 2008, primarily because it was strapped for capital. At the time, leasing comprised about 20% of GMAC's lending business. GMAC hasn't yet "announced a hard re-entry into the leasing world," said Hull, adding that if the company found the balance between the returns and risks related to leasing, it "will absolutely do it."
Earlier Tuesday, GMAC reported a second-quarter loss of $3.9 billion, compared with a year-earlier loss of $2.48 billion. The second-quarter loss is driven primarily by a charge related to the lender's incorporation and continued red ink stemming from souring mortgage loans.
GMAC also squirreled away more funds to reserve against future potential losses, and knocked down the value of its commercial insurance unit as it readies the unit for a potential sale.
The losses were offset by a $7.5 billion infusion from the U.S. Treasury Department and improved results at the lender's auto finance division aided by higher values on used cars.