NEW YORK (Standard&Poor's) Nov. 5, 2009--Standard&Poor's Ratings Services said today that its ratings on both GMAC Inc. and Residential Capital LLC (both CCC/Developing/C) are not affected by consolidated quarterly results. GMAC reported a consolidated pretax loss of $1.1 billion versus a consolidated pretax loss of $2.8 billion last quarter. Results included sizable one-time charges totaling $886 million (pretax) as GMAC and Residential Capital LLC continue to deal with costs associated with legacy assets and repositioning their operations. The mortgage business was again mainly responsible for the quarterly loss. Although it reported significantly lower provisioning, this business was saddled with a $515 million loan repurchase reserve charge. The mortgage operation reported a pretax loss of $747 million.
