c'è poi da dire che pare che la partenza dell'ad de Molina sia legata alla faccenda rescap che lui voleva assolutamente salvare e il board non era così convinto.la situazione è quantomai incerta.
ResCap è andata... è solo questione di tempo, forse, da quanto si legge, con "il generoso apporto" proveniente dai soldi messi in GMAC dal governo USA al massimo ce la fanno ancora per un trimestre ma di sicuro non arrivano a due...
Moody's: Although positive, ResCap not stabilized by GMAC actions
New York, December 31, 2009 -- Moody's Investors Service said that Residential Capital LLC's (ResCap)'s $2.7 billion capital infusion from its parent GMAC and related write-down of a substantial amount of its remaining held-for-investment loan portfolio, although positive, are insufficient to stabilize the company.
Despite these write-downs, it remains uncertain if additional deterioration will occur in these portfolios and whether ResCap can return to profitability. Moody's considers ResCap's obligations to be highly speculative as the company has been unprofitable on a quarterly basis for three years, its liquidity position is tenuous, capital insufficient and franchise impaired.
All ResCap ratings remain C with a stable outlook.
The GMAC capital contribution was provided to ResCap in conjunction with capital actions taken by the US Treasury in regards to GMAC (see separate press release). The US Treasury's actions increase GMAC's ability to support ResCap, and the $2.7 billion capital contribution represents the latest in a long series of actions GMAC has taken to provide ResCap with capital and liquidity support. However, despite this historical support, there remains no guarantee that GMAC will support ResCap in the future. Should parental support be discontinued, we believe ResCap would eventually default on its obligations and unsecured creditors would face substantial losses.
The $2.7 billion capital injection was in the form of $1.4 billion of mortgage loans purchased by GMAC from its subsidiary Ally Bank (these loans had an unpaid principal value of $3.6 billion at September 30, 2009) and contributed to ResCap (ndr: il gioco delle tre carte... che serve in sostanza a rimuovere asset indesiderati da Ally Bank), and undisclosed amounts of cash and debt forgiveness.
In conjunction with the capital contribution, ResCap wrote down a substantial amount of its remaining held-for-investment loan portfolio resulting in pre-tax charges of approximately $2.0 billion. This included international mortgage assets with an unpaid principal balance of $2.4 billion (book value of $2.0 billion) written down to $0.7 billion and domestic mortgage assets with an unpaid principal balance of $3.3 billion (book value of $2.3 billion) written down to $1.6 billion. These portfolios represent the majority of ResCap's held-for-investment portfolio, excluding on balance sheet securitizations that involve no investor recourse to the company.
Although after these actions, the carrying value of ResCap's residential mortgage portfolio will likely be less than 50% of the unpaid principal balance, additional deterioration could occur in this portfolio. Also, other potential contingent drains on ResCap's capital and liquidity include liabilities for loans sold with recourse and a $1.8 billion commitment (at June 30, 2009) to directly fund draws on home equity lines of credit in off-balance sheet securitizations should certain triggers be met.
In regards to ResCap liquidity, the company has significant maturities in the first half of 2010 which it is unable to service with its current liquidity resources while staying compliant with its covenant to maintain liquidity of $750 million daily and unrestricted liquidity of $250 million daily. ResCap maturities include approximately $750 million of senior secured notes due in May 2010, $830 of domestic senior unsecured notes due in June 2010 and $500 million of international senior unsecured notes due in September 2010.
Additionally, ResCap had $2.0 billion of borrowings from GMAC under a senior secured credit facility at June 30, 2009 which matures May 2010. ResCap's third party secured borrowings at June 30, 2009 included $1.0 billion under a mortgage servicing rights facility which matures May 2010.
The last rating action on ResCap was November 20, 2008 when Moody's downgraded the company's senior secured, junior secured, and unsecured senior debt ratings to C from Ca with a stable outlook.
The principal methodology used in rating ResCap was Analyzing the Credit Risks of Finance Companies, which can be found at
OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory.
