US CREDIT-ResCap debt risky as swaps imply distress

Newswire

By Karen Brettell NEW YORK, Aug 21 (Reuters) - Credit investors are skittish over how much exposure Residential Capital LLC has to risky mortgages, and with credit default swaps on the mortgage lenders' debt trading at levels that imply distress, the company's debt prices are likely to remain volatile. ResCap's debt weakened significantly last week after the lender filed an earnings update that sparked new concerns about its mortgage holdings. "The interesting takes were the removal of ...

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