GMAC Financial Services posted a first-quarter profit of $162 million yesterday as the result of fewer car buyers defaulting on their loans and the lending company selling off some of its devalued mortgage-related assets, according to a news report from the Detroit Free Press. The company also announced that, as of May 10, it is changing its name to Ally Financial. Ally reported a pretax income of $231 million in Q1 2010, reversing a pretax loss of $90 million. This was attributed to fewer losses on bother their auto and mortgage loans.
The Free Press further reported that the U.S. Treasury will continue to own 56% of the company until it completes a public offering of some or all of those shares. GMAC (or Ally) received $17.2 billion of taxpayer loans since September 2008, when the financial meltdown began.
PennyMac Mortgage Investment Trust’s net income for Q1 2010 was $1.3 million, or 7 cents per share, according to MarketWatch. During that time, the California-based mortgage real estate investment trust acquired five residential mortgage whole loan pools with an aggregate value of $115 million. The loans were primarily non-performing loans with 86% of the loans either 90 days or more delinquent or in the process of foreclosure. In April, PennyMac purchased another mortgage whole loan pool of non-performing loans values at $71 million, with an unpaid principal balance of $141 million.
MarketWatch also reported that the U.S. dollar index rose from 82.316 on Monday to yesterday’s figure of 83.071 after the recent announcement that pending home sales rose 5.3% in March. The dollar index tracks the performance of the greenback against six major currencies. Meanwhile, yields on 10-year Treasury notes — which moves inversely to prices — fell 7 basis points to 3.62% in reaction to the home sales data.
Recent Comments