NEW YORK, April 23 (Reuters) - Moody's Investors Service on Wednesday cut its ratings on GMAC LLC and its residential mortgage unit ResCap LLC deeper into junk territory, and said it may cut them both again on ongoing losses from residential mortgage loans and capital concerns.
The downgrade of ResCap is due to the resignation of the two independent directors on the mortgage lender's board, who had been responsible for looking after the interests of ResCap's creditors, Moody's ...
Sign in to access
this Article
"Moody's cuts GMAC, ResCap debt, may cut again" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. To obtain Premium status, please contact us.
Why Become a Premium Subscriber?
WardsAuto.com Premium subscribers have access to the full breadth of Ward’s articles, news, analysis and features as well as all the Ward’s data and statistics as soon as they are available in Excel spreadsheet format. Learn more about the benefits of Premium access here.
