Industry News

ResCap profits plunge 73%

Lender cites heavy competition in mortgage industry
Published on Oct 25, 2006

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by CareyBot

Residential Capital LLC today reported third-quarter net income of $76 million, down 73 percent from the $280 million earned in the same quarter last year. The decrease was attributed to ResCap’s U.S. residential mortgage business, where competitive pricing pressures negatively ...