International Business News - GOM http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif Standard & Poor's Ratings Services says it is placing its ratings for General Motors Corp. and its financing arm under review for possible downgrade. S&P said the move reflects the weakening of automotive markets across the world and expectations that tight credit markets will make things tough for the near future. http://www.ibtimes.com/articles/20081009/s-p-to-review-gm-ratings-for-possible-downgrade.htm Thu, 09 Oct 2008 16:04:07 EDT The credit markets might not be quite as squeezed as they have been recently, thanks to the Federal Reserve's interest rate cut. But they're hardly back to normal. http://www.ibtimes.com/articles/20081009/interbank-rates-still-high-after-rate-cut.htm Thu, 09 Oct 2008 19:13:06 EDT Stocks plunged Thursday, sending the Dow Jones industrial average down 679 points--more than 7 percent--to its lowest level in five years. Stocks took a nosedive after a major credit-rating agency said it might cut its rating on General Motors and Ford, further rattling investors already fretting over the impact of tight credit on the economy. http://www.ibtimes.com/data/articleimgs/148053-aptopix-financial-meltdown.jpg http://www.ibtimes.com/articles/20081009/wall-street-set-higher-open.htm http://www.ibtimes.com/articles/20081009/wall-street-set-higher-open.htm Thu, 09 Oct 2008 21:06:31 EDT Automotive and mortgage lender GMAC LLC spent $740,000 lobbying in the second quarter on legislation related to mortgage lending, banking and other issues, according to a recent disclosure report. http://www.ibtimes.com/articles/20080829/gmac-spent-740k-lobbying-government-in-2q.htm Fri, 29 Aug 2008 10:53:37 EDT Standard & Poor's Ratings Services on Thursday cut its ratings for all three of the U.S.-based automakers further into junk status, citing worries about their mounting cash losses and the continued deterioration of the U.S. auto market. http://www.ibtimes.com/articles/20080731/s-p-cuts-automakers-ratings-by-1-notch.htm Thu, 31 Jul 2008 16:15:04 EDT Automotive and mortgage lender GMAC LLC spent $410,000 in the first quarter lobbying on several bills related to mortgage lending and other issues, according to a disclosure report. http://www.ibtimes.com/articles/20080613/gmac-spent-410-000-lobbying-on-mortgage-rules.htm Fri, 13 Jun 2008 11:09:28 EDT Finance company GMAC LLC has obtained a new $11.4 billion credit line and will use part of it to fund a $3.5 billion credit line for mortgage subsidiary Residential Capital LLC, GMAC said in a filing with the Securities and Exchange Commission. http://www.ibtimes.com/articles/20080609/gmac-gets-new-credit-line-as-part-of-rescap-financing.htm Mon, 09 Jun 2008 18:58:01 EDT GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. http://www.ibtimes.com/articles/20080604/rescap-posts-results-of-debt-exchange.htm Wed, 04 Jun 2008 16:24:55 EDT Residential Capital LLC, the mortgage lending unit of GMAC LLC, said Tuesday it needs more than three times more cash to stay in business than it estimated just weeks ago. http://www.ibtimes.com/articles/20080604/rescap-says-needs-more-liquidity.htm Wed, 04 Jun 2008 10:03:03 EDT Residential Capital LLC, GMAC's struggling mortgage lending unit, said Wednesday it is extending the deadline for bondholders to swap $14 billion of notes to 9 a.m. EDT, in a move to restructure debt obligations and stave off bankruptcy. http://www.ibtimes.com/articles/20080604/rescap-extends-debt-swap-deadline-to-9-a-m-edt.htm Wed, 04 Jun 2008 08:00:44 EDT Stocks slide on more concerns about financials NEW YORK (AP)--Wall Street fell sharply for a second straight day Tuesday as investors grew more worried that the financial sector is still suffering badly from the credit crisis. The Dow Jones industrials dropped more than 100 points, bringing their two-day loss to 235. http://www.ibtimes.com/articles/20080603/business-highlights.htm Tue, 03 Jun 2008 18:23:09 EDT Housing stocks increased Tuesday after luxury homebuilder Toll Brothers Inc. reported its second-quarter loss beat Wall Street's expectations. Early Tuesday, Toll said it lost $93.7 million, or 59 cents per share, in the second quarter, compared with a year-ago profit of $36.7 million, or 22 cents per share. Analysts surveyed by Thomson Financial expected a loss of 89 cents per share. http://www.ibtimes.com/articles/20080603/sector-snap-homebuilders-up-after-tolls-results.htm Tue, 03 Jun 2008 11:54:40 EDT Residential Capital LLC, the mortgage lending unit of GMAC LLC, said Tuesday it needs more than three times more cash to stay in business than it estimated just weeks ago. http://www.ibtimes.com/articles/20080603/rescap-expands-credit-facility-with-gmac.htm Tue, 03 Jun 2008 15:21:45 EDT Residential Capital LLC, the real estate lending unit of GMAC LLC, said Thursday about two-thirds of the more than $14 billion in debt it plans to exchange for new debt or cash has been tendered by investors. http://www.ibtimes.com/articles/20080522/rescap-says-two-thirds-of-14b-in-debt-tendered.htm Thu, 22 May 2008 08:13:22 EDT Credit ratings agency Fitch Ratings said Wednesday it placed Residential Capital LLC's primary servicing rating on negative watch. ResCap is the mortgage lending unit of financial-services company GMAC LLC. http://www.ibtimes.com/articles/20080521/fitch-reviewing-rescaps-servicer-ratings.htm Wed, 21 May 2008 10:31:19 EDT Residential Capital LLC, the real estate financing unit of GMAC LLC, said Monday it received enough tender offers to exchange current debt for new debt that it can continue the refinancing effort. http://www.ibtimes.com/articles/20080519/rescap-debt-tender-offers-meet-requirements.htm Mon, 19 May 2008 14:44:33 EDT Residential Capital LLC, the real estate lending unit of GMAC LLC, said Monday it is taking steps _ including redeeming outstanding debt at less than face value, tapping new credit lines and selling assets _ to alleviate a near-term liquidity crisis. http://www.ibtimes.com/articles/20080505/rescap-facing-liquidity-crunch-trying-to-raise-new-cash.htm Mon, 05 May 2008 15:18:38 EDT Moody's Investors Service on Friday revised its rating outlook for General Motors Corp. to negative from stable, citing concerns about its former finance arm's mortgage division. http://www.ibtimes.com/articles/20080425/moodys-revises-gm-outlook-to-negative-from-stable.htm Fri, 25 Apr 2008 11:23:34 EDT Residential Capital LLC, GMAC LLC's troubled mortgage loan business, on Wednesday said it named Thomas Marano, a former Bear Stearns & Co. executive, as its nonexecutive chairman. http://www.ibtimes.com/articles/20080423/rescap-names-former-bear-stearns-exec-as-chairman.htm Wed, 23 Apr 2008 10:48:56 EDT GMAC LLC unveiled a plan Tuesday to shift control of its insurance business to the company's owners in a bid to safeguard the unit's financial strength rating. A.M. Best, which rates insurers' ab... http://www.ibtimes.com/articles/20080408/gmac-tries-to-shelter-insurance-rating.htm Tue, 08 Apr 2008 12:06:10 EDT