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GMAC to cut 5,000 jobs at ResCap mortgage unit (Reuters via Yahoo! News)
GMAC LLC, the auto finance and mortgage company, plans to eliminate about 5,000 jobs at its Residential Capital LLC unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets.
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GMAC to cut 5,000 jobs at ResCap mortgage unit (Washington Post)
NEW YORK (Reuters) - GMAC LLC, the auto finance and mortgage company, plans to eliminate about 5,000 jobs at its Residential Capital LLC unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets.
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Cerberus in the Hotseat as Auto Deals Falter (New York Times)
Stephen A. Feinberg, one of the country’s most powerful — and secretive — financiers, hoped to make a fortune out of the detritus of the American auto industry. Instead, The New York Times’ Michael J. de la Merced and Vikas Bajaj say, he seems to be losing one.
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Cerberus Capital races to salvage investment in Chrysler and GMAC (International Herald Tribune)
The news keeps getting worse for Cerberus Capital Management and its multibillion-dollar investments in the automaker Chrysler and GMAC, the financing arm of General Motors.
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Fitch Rates South Haven, Michigan's $10MM 2008 Cap Improvement Bonds 'A+'; Outlook Negative (Centre Daily Times)
Fitch Ratings assigns an 'A+' rating to the City of South Haven, Michigan's $10 million capital improvement bonds, series 2008 (limited tax general obligation), and affirms approximately $13.1 million in GO debt at 'A+'. The Rating Outlook is revised to Negative from Stable.
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Investments Are Faltering in Chrysler and GMAC (New York Times)
The investment fund Cerberus Capital Management is racing to salvage multibillion-dollar investments in the automaker Chrysler and GMAC, the financing arm of General Motors.
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Big Three bailout may be around corner (CNN Money)
Plunging auto sales, high gas prices and election year politics could help convince Congress to approve a $50 billion loan package to embattled U.S. automakers that Detroit's Big Three claim is key to their future success.
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Fitch Rates South Haven, Michigan's $10MM 2008 Cap Improvement Bonds 'A+'; Outlook Negative (Business Wire via Yahoo! Finance)
NEW YORK----Fitch Ratings assigns an 'A+' rating to the City of South Haven, Michigan's $10 million capital improvement bonds, series 2008 , and affirms approximately $13.1 million in GO debt at 'A+'.
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What I Did This Summer at Business Camp (BusinessWeek)
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China Yuchai International Re-finances Existing Credit Facility (PR Newswire via Yahoo! Finance)
China Yuchai International Limited , announced today that it has entered into a bridging loan agreement of up to S$50 million for a 12 months duration, with DBS Bank Ltd., of Singapore, to partially re-finance one of its existing revolving credit facilities due to expire shortly.
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