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0000950134-08-013766.txt : 200807310000950134-08-013766.hdr.sgml : 2008073120080731081910ACCESSION NUMBER:0000950134-08-013766CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:20CONFORMED PERIOD OF REPORT:20080731ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080731DATE AS OF CHANGE:20080731
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:RESIDENTIAL CAPITAL, LLCCENTRAL INDEX KEY:0001332815STANDARD INDUSTRIAL CLASSIFICATION:MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]IRS NUMBER:201770738STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-51438FILM NUMBER:08980520
BUSINESS ADDRESS:STREET 1:8400 NORMANDALE LAKE BOULEVARDCITY:MINNEAPOLISSTATE:MNZIP:55437BUSINESS PHONE:952-857-8700
MAIL ADDRESS:STREET 1:8400 NORMANDALE LAKE BOULEVARDCITY:MINNEAPOLISSTATE:MNZIP:55437
FORMER COMPANY:FORMER CONFORMED NAME:RESIDENTIAL CAPITAL CORPDATE OF NAME CHANGE:20050712
8-K1c34005e8vk.htmFORM 8-K
Form 8-K
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of
1934
July31, 2008
(Date of report; date of
earliest event reported)
Commission file number: 0-51438
RESIDENTIAL CAPITAL, LLC
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
20-1770738
(I.R.S. Employer
Identification No.)
One Meridian Crossings
Minneapolis, Minnesota
55423
(Address of principal executive offices)
(Zip Code)
(952) 857-8700
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item2.02 Results of Operation and Financial ConditionItem9.01 Financial Statements and Exhibits SIGNATURES EXHIBIT INDEXExhibit 99.1Exhibit 99.2
Table of Contents
Item2.02 Results of Operation and Financial Condition
On July31, 2008, Residential Capital, LLC (ResCap) announced operating results for the secondquarter ended June30, 2008. The announcement is attached hereto and incorporated by reference asExhibit99.1.
Charts furnished to securities analysts in connection with ResCaps second quarter 2008 earningsannouncement are attached hereto and incorporated by reference as Exhibit99.2.
Item9.01 Financial Statements and Exhibits
Exhibit No. Description
99.1 Announcement, Dated July31, 2008
99.2 Charts Furnished to Securities Analysts
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.
RESIDENTIAL CAPITAL, LLC
(Registrant)
Dated: July 31, 2008 /s/ James N. Young
James N. Young
Chief Financial Officer
Table of Contents
EXHIBIT INDEX
Exhibit No. Description
99.1 Announcement, Dated July31, 2008
99.2 Charts Furnished to Securities Analysts
EX-99.12c34005exv99w1.htmEXHIBIT 99.1
Exhibit 99.1
Exhibit99.1
News
For Release: Thursday, July31, 2008, 8:00 a.m. EDT
Residential Capital, LLC Reports Preliminary Second Quarter 2008 Financial Results
NEW YORK ResCap reported a net loss of $1.9billion for the second quarter of 2008, compared toa net loss of $254million in the year-ago period. Results are primarily attributable tosignificant losses from asset sales as ResCap reduced the size and risk of its balance sheet andhigher loan loss provisions due to continued deterioration in certain European markets. Partiallyoffsetting losses was a $647million gain recognized from ResCaps tender offer and the retirementof debt.
Real Estate Finance
ResCap continues to implement an aggressive realignment of its business amid a vastly changingmortgage market, despite the negative impact to short-term earnings. Recent actions includesignificantly reducing the size and risk of its balance sheet, originating only mortgages withmarket liquidity, winding down the business lending portfolio, leveraging the world-class servicingplatform, and continuing to rationalize the cost base.
ResCaps U.S. residential finance business is beginning to stabilize as the company reduces balancesheet risk and continues to realign operations. While prime conforming loan production decreasedmodestly year-over-year with $12.2billion in the second quarter of 2008 versus $12.7billion inthe year-ago period, production of higher-margin government loans increased to $3.8billion thisquarter compared to $800million in the second quarter of 2007. In addition, operating expensetargets were achieved.
The international mortgage business experienced a decline in net income in the second quarterrelated to illiquidity in the global capital markets and the continued weakening of consumer creditin key markets. This drove significant realized and unrealized losses on loans held for sale. Asa result of the market environment, ResCap has currently
suspended all production outside of the U.S. with the exception of Canadian insured loans. Thebusiness lending operations also experienced continued pressure in the second quarter related tothe decline in home sales and residential real estate values.
Liquidity and Capital
ResCaps cash and cash equivalents balance was $6.6billion at quarter-end, up from $4.2billion atMarch31, 2008. The change in consolidated cash is related to repayment of ResCap debt maturities,offset by new secured funding, lower asset levels and growth in deposits at GMAC Bank.
In June, ResCap announced a comprehensive series of transactions, which included extending key bankfacilities, increasing the amount of available funding and further enhancing liquidity positions.The transactions included:
ResCap extending for one year the maturity on substantially all of its bilateral bankfacilities totaling approximately $11.6billion and obtaining a new $2.5billionsyndicated whole loan repurchase facility.
ResCap executing private exchange and cash tender offers for U.S. dollar equivalent of$14.0billion in aggregate principal amount of its outstanding debt, thereby reducing debtoutstanding by $2.9billion in principal and extending maturities.
GMAC providing a $3.5billion two-year senior secured credit facility to ResCap, whichincludes $750million of first loss protection from General Motors Corp. and CerberusResCap Financing LLC, an affiliate of FIM Holdings LLC.
Significantly reducing ResCaps tangible net worth covenants related to its creditfacilities from the previous level of $5.4billion to $250million (excluding GMAC Bank)with consolidated liquidity of $750million.
During the second quarter, GMAC and certain affiliates of Cerberus disclosed approximately $2.4billion of intended actions to support ResCaps near term liquidity. In addition, GMAC contributedto ResCap approximately $250million (principal amount) of ResCap debt, which was subsequentlyretired. In exchange for the capital contribution, GMAC received additional shares of ResCappreferred equity equal to the market value
2
of the debt as of March31, 2008. As of June30, 2008, ResCaps total equity base was $4.1billion.
The Federal Deposit Insurance Corporation (FDIC)granted a 10-year extension of GMAC Banks currentownership on July21, 2008. This action enables the bank to be strengthened over the long-term,which is an important source of funding for mortgage and automotive financing activities.
3
About Residential Capital, LLC:
Residential Capital, LLC is a leading real estate finance company, focused primarily on theresidential real estate market in the United States, Canada, Europe, Latin America and Australia.ResCaps diversified affiliates and businesses GMAC-RFC, GMAC Mortgage, Ditech, and HomecomingsFinancial cover the spectrum of the U.S. residential finance industry, from origination andservicing of mortgage loans through their sale or securitization in the secondary market. It alsoprovides capital to other originators of mortgage loans, residential real estate developers andresort and timeshare developers. Residential Capital, LLC is an indirect wholly owned subsidiary ofGMAC Financial Services.
# # #
Forward-Looking Statements
In this earnings release and comments by GMAC LLC (GMAC) and Residential Capital, LLC(ResCap)management, the use of the words expect, anticipate, estimate, forecast, initiative,objective, plan, goal, project, outlook, priorities, target, intend, evaluate,pursue, seek, may, would, could, should, believe, potential, continue, or thenegative of any of those words or similar expressions is intended to identify forward-lookingstatements. All statements herein and in related charts and management comments, other thanstatements of historical fact, including without limitation, statements about future events andfinancial performance, are forward-looking statements that involve certain risks and uncertainties.While these statements represent our current judgment on what the future may hold, and we believethese judgments are reasonable, these statements are not guarantees of any events or financialresults, and ResCaps actual results may differ materially due to numerous important factors thatare described in the most recent reports on SEC Form 10-K for ResCap, each of which may be revisedor supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others,the following: securing low cost funding to sustain growth for ResCap; our ability to maintain anappropriate level of debt; recent developments in the residential mortgage market, especially inthe nonprime sector; disruptions in the markets in which we fund ResCaps operations, withresulting negative impact on our liquidity; the impact on ResCap of the continuing decline in theU.S. housing market; changes in U.S. government -sponsored mortgage programs or disruptions in themarkets in which our mortgage subsidiaries operate; changes in our contractual servicing rights;costs and risks associated with litigation; changes in our accounting assumptions that may requireor that result from changes in the accounting rules or their application, which could result in animpact on earnings; changes in the credit ratings of ResCap; changes in economic conditions,currency exchange rates or political stability in the markets in which we operate; and changes inthe existing or the adoption of new laws, regulations, policies or other activities of governments,agencies and similar organizations.
Investors are cautioned not to place undue reliance on forward-looking statements. ResCapundertakes no obligation to update publicly or otherwise revise any forward-looking statements,whether as a result of new information, future events or other such factors that affect the subjectof these statements, except where expressly required by law.
4
GMAC Financial Services Preliminary Unaudited Second Quarter
2008 Financial Highlights(Continued)
($ in millions)
Note Second Quarter Six Months
ResCap Operations 2008 2007 2008 2007
Net Income (loss) ($1,860 ) ($254 ) ($2,719 ) ($1,164 )
Gain (loss)on sale of mortgage loans, netDomestic ($180 ) $ 98 ($245 ) ($243 )
International (882 ) 76 (1,564 ) 182
Total Gain (loss)on sale of mortgage loans ($1,062 ) $ 174 ($1,810 ) ($61 )
Portfolio Statistics
Mortgage loan production
Prime conforming $ 12,187 $ 12,682 $ 27,624 $ 22,251
Prime non-conforming 419 9,849 909 22,166
Government 3,759 828 5,736 1,412
Nonprime 0 685 3 3,944
Prime second-lien 664 3,107 1,465 8,420
Total Domestic 17,029 27,151 35,737 58,193
International 1,049 7,718 3,240 14,190
Total Mortgage production $ 18,078 $ 34,869 $ 38,977 $ 72,383
Mortgage loan servicing rights at end of period $ 5,417 $ 6,041
Loan servicing at end of period
Domestic $ 397,842 $ 424,608
International 39,020 35,904
Total Loan servicing $ 436,862 $ 460,511
Asset Quality Statistics ResCap Consolidated
Provision for credit losses by product
Mortgage loans held for investment $ 343 $ 284 $ 624 $ 649
Lending receivables 120 43 138 220
Auto Loans & Leases 4 3 7 7
Total Provision for credit losses $ 467 $ 330 $ 769 $ 875
Allowance by product at end of period
Mortgage loans held for investment $ 638 $ 1,696
Lending receivables 485 274
Auto Loans & Leases 36 29
Total Allowance by product $ 1,159 $ 1,999
Allowance as a % of related receivables at end of period
Mortgage loans held for investment 2.06 % 2.71 %
Lending receivables 5.67 % 2.47 %
Auto Loans & Leases 1.08 % 1.11 %
Total Allowance as a % of related receivables 2.89 % 2.62 %
Nonaccrual loans at end of period $ 6,300 $ 9,119
Nonaccrual loans as a % of related receivables at end of period 13.39 % 12.42 %
Total nonperforming assets $ 7,351 $ 10,745
5
EX-99.23c34005exv99w2.htmEXHIBIT 99.2
Exhibit 99.2
Exhibit 99.2
Preliminary
2008 Second Quarter Earnings
July 31st, 2008
9:00 AM EDT
Contact ResCap Investor Relations at (888) 440-8851 or [email protected]
Forward-Looking Statements
In the presentation that follows and related comments by GMAC LLC ("GMAC") and Residential Capital, LLC ("ResCap")management, the use of the words "expect," "anticipate," estimate," "forecast," "initiative," "objective," "plan," "goal," "project,""outlook," "priorities," "target," "intend," "evaluate," "pursue," "seek," "may," "would," "could," "should," "believe," "potential,""continue," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. Allstatements herein and in related charts and management comments, other than statements of historical fact, including withoutlimitation, statements about future events and financial performance, are forward-looking statements that involve certain risksand uncertainties. While these statements represent our current judgment on what the future may hold, and we believe thesejudgments are reasonable, these statements are not guarantees of any events or financial results, and ResCap's actual resultsmay differ materially due to numerous important factors that are described in the most recent reports on SEC Form 10-K forResCap, each of which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factorsinclude, among others, the following: securing low cost funding to sustain growth for ResCap; our ability to maintain anappropriate level of debt; recent developments in the residential mortgage market, especially in the nonprime sector; disruptionsin the markets in which we fund ResCap's operations, with resulting negative impact on our liquidity; the impact on ResCap ofthe continuing decline in the U.S. housing market; changes in U.S. government -sponsored mortgage programs or disruptions inthe markets in which our mortgage subsidiaries operate; changes in our contractual servicing rights; costs and risks associatedwith litigation; changes in our accounting assumptions that may require or that result from changes in the accounting rules ortheir application, which could result in an impact on earnings; changes in the credit ratings of ResCap; changes in economicconditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or theadoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations.
Investors are cautioned not to place undue reliance on forward-looking statements. ResCap undertakes no obligation to updatepublicly or otherwise revise any forward-looking statements except where expressly required by law. A reconciliation of certainnon-GAAP financial measures included within this presentation is provided in the supplemental charts.
ResCap: Key Messages
Capital and Liquidity
Successfully completed a global refinancing including the ResCap bondexchange
Affiliate transactions structured to support liquidity in light of external marketconstraints
Significant nonconforming asset sales completed, driving material losses whilegenerating cash; balance sheet continues to shrink
Operating and Market Environments
Continued weak housing market conditions drove higher loan loss provisionsand other impairments
All production outside of the US has been suspended (with the exception ofCanadian insured loans) - currently evaluating strategies for internationalmarkets
Operating expense targets remain on track
ResCap: Key Metrics Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Net income 83 -128 -910 -254 -2261 -921 -859 -1860
Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Total HFI, net of Allowance 73.1 67.9 63.6 61 59 41.3 34.001 30.3 All Other 59.508191 72.2 67 64.6 57.1 48.1 47.371 42.5 TA 132.608191 140.1 130.6 125.6 116.1 89.4 81.372 72.8
2
1) Total assets include the auto assets of GMAC Bank as presented in ResCap's 10-Q financial statements.
2) Government and Prime Second Liens are included in Prime Non-conforming. Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Prime Conforming 8.6 12 12 10.8 9.6 12.7 12.1 13 15.44 12.2 Prime Non-conforming 22.5 27.6 28.1 28.6 22.4 18.9 14.1 6.3 5.11 5.8 Nonprime 10.5 7.4 11.4 9.8 5.5 3.2 3.1 1.5 0.34 0.1 Total 41.6 47 51.5 49.2 37.5 34.8 29.3 20.8 20.9 18.1
2
Of the total, $8.3 billion was securitized on-balancesheet at 6/30/08, with net economic exposure limitedto $190 million Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Prime Conforming 189.307419 194.907448 200.632475 203.9264827 207.0379288 211.4626959 263.4375031 267.5111779 276.2 237.6 Prime Non-conforming 134.489056 145.858766 159.785278 170.5410375 175.4969053 184.7850459 142.2049002 133.2148282 136.1 155.26 Nonprime 69.319146 69.06174 73.528717 74.13348295 70.32762594 64.2637315 59.99735154 52.58351891 47.6 44 TOTAL 393.115621 409.827954 433.94647 448.6010032 452.86246 460.5114733 465.6397548 453.309525 459.9 436.9
ResCap: Condensed Income Statement*
*Income statement presentation (condensed) as it appears on a GMAC reported basis; results on a ResCap reported basis can be found on page 13 of thispresentation.
Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Nonprime 1.2 0.3 0.2 0.2 0.2 0.2 Prime 5.3 3.6 1.6 1.5 1.6 1.3
ResCap: Nonprime and Prime Exposure
Prime and Other2
1) The nonprime category includes high FICO/high LTV loans, high FICO alternative attribute loans, purchased distressed assets, and subprime assets (Weighted Average
FICO 618) for the domestic business and international loans with at least some adverse credit history.
2) Prime and Other includes Prime Conforming, Prime Non-conforming, Prime Second-Lien, and Government.
3) HFI is before allowance.
Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Nonprime 70.3 64.3 60 52.6 47.6 44 Prime 382.6 396.2 405.6 400.7 412.3 393
Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Nonprime 5 4 2.9 2 2.6 1.1 Prime 17 15.3 12 10 9.2 5.9
Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Nonprime 47.9 44.6 37.1 16.9 9.7 7.7 Prime 17.4 18 23.7 25.3 24.8 23.3
Nonprime1
$8.3 billion of securitized assets(largely non-prime) at 6/30/08,with net economic exposurelimited to $190 million
ResCap: Global Portfolio Credit Quality Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 % MLFI net charge-offs to total 0.0016 0.002 0.0025 0.0033 0.0033 0.004 0.0073 0.0076 0.0041 0.0061 0.0046 0.0067
Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 % Lending Receivables nonaccruals to total 0.004 0.002 0.002 0.093 0.109 0.029 0.05 0.071 0.072 0.116
Q1 Q2 Q3 Q4 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 % Lending Receivables net charge-offs to total 0 0.0002 0 0.0003 0 0.0003 0 0.0002 0.0037 0.0265 0.0047 0.0022 0.0107 0.0047
Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 % MLFI nonaccruals to total 0.084 0.083 0.092 0.105 0.119 0.14 0.141 0.127 0.162 0.171 0.122 0.124
Excludingloansimpactedby FAS159
Excludingloansimpactedby FAS159
ResCap: Capital and Liquidity
Total equity of $4.1 billion (6/30/08)
ResCap was compliant with its tangible net worth and minimum cash covenants atquarter end
Global ResCap cash and cash equivalents of $6.6 billion (6/30/08)
ResCap cash and cash equivalents increased $2.4 billion compared to Q1 2008
Of the total, $3.7 billion was held at GMAC Bank
Evaluating additional measures to support liquidity as pressures expected to continuefor the balance of 2008 and into 2009
These figures include the Auto Division of GMAC Bank
Global Liquidity: ResCap Debt Refinancing
Successfully completed global debt refinancing in challengingmarket
Completed a new syndicated $2.5 billion whole loan repurchase facilityto fund conforming mortgages
Replaced MALA and RLA facilities
Completed a $3.5 billion secured funding facility from GMAC to ResCap
Facility includes $750 million participation from GM and Cerberus
Extended major secured bilateral credit facilities ($11.6 billion) toMay/June 2009
Completed exchange and tender offer for approximately $14 billion ofunsecured debt with approximately $9.5 billion participating
In addition, during the second quarter, GMAC and Cerberusannounced $2.4 billion of actions to support ResCap's near termliquidity
Global Liquidity: GMAC Bank
Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Assets 23.5 28.1 28.4 30.3 31.9 Deposit Liabilities 10.7 14.5 12.8 15.4 16.9
FDIC has granted a 10-year waiver on the GMAC ownership of GMAC Bank
The approval contained several conditions:
GMAC Bank required to maintain a minimum leverage ratio (Tier 1 Capital/ Total Assets) of11% for 3 years and a minimum capital level of 5%
GMAC Bank provides critical low-cost financing for high-quality mortgagesand auto assets
Total FHLB borrowing capacity of $11.2 billion ($0.5 billion of which is unused) to fund mortgages
Deposits of $16.9 billion as of 6/30/08
ResCap: Debt Maturity Schedule
2008 2009 2010 2011 2012 2013 2014 2015 Pre-Exchange 4032 2458 2997 1244 1957 2294 718 487
2008 2009 2010 2011 2012 2013 2014 2015 Post Exchange 275 618 3651 226 442 2718 1834 1861
Pre- Exchange
Post- Exchange
Supplemental Charts
ResCap: Income Statement
Includes gain on extinguishment of debt of $647 million in the second quarter of 2008 as a result of the completed debt tender offer and the retirement ofResCap debt contributed by GMAC
Note: Numbers may not foot due to rounding. Income statement presentation (condensed) as it appears on a ResCap's reported basis; results as theyappear on a GMAC reported basis can be found on page 5 of this presentation.
Supplemental
ResCap: Mortgage Production
1) International includes some nonprime production
1
1
Supplemental
Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Total Domestic 43.9 41.2 31 27.1 20.2 15.5 18.7 17 Total International 7.5 8 6.5 7.7 9.1 5.3 2.2 1
Q106 Q206 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Prime Conforming 8.6 12 12 10.8 9.6 12.7 12.1 13.03 15.44 12.2 Prime Non-conforming 11.7 14.6 16.4 17.5 12.3 9.8 4.7 0.32 0.49 0.4 Government 0.9 1.1 0.9 0.8 0.6 0.8 1 1.19 1.98 3.8 Nonprime 9.1 6.1 8.5 6.9 3.3 0.7 0.2 0.07 0 0 Prime Second-lien 5.8 6.6 6.1 5.2 5.3 3.1 2.2 0.9 0.8 0.7 Total International 7.5 8 6.5 7.7 9.1 5.32 2.18 1
Note: Totals may not foot due to rounding
HFS and HFI Q2 08 transfers:
HFS to HFI $122 million
HFI to HFS $2.3 billion
ResCap: Global HFS Portfolio Q208 Prime Conforming 1.17082 Prime Nonconforming 3.16001 Nonprime 1.11647 Prime Second-lien 0.26227 Government 1.32627
Q2 08 Non-Agency Public Securitizations 1.2 Agency 16.7 Non-Agency Whole Loans 6.1
Supplemental
ResCap: Q2 Significant Items
Note: These amounts are classified according to ResCap's income statement presentation (includes Auto Bank).
Supplemental
GRAPHIC4c34005c34005a1.gifGRAPHIC
begin 644 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