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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (94013)	11/6/2007 6:06:36 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 306849

>>establishing a valuation allowance against deferred tax assets Great, so does that include Ditech or GMAC? Wonder how Cerebus is enjoying those "assets" right about now?

To: ChanceIs who wrote (94013)	11/6/2007 6:13:59 PM
From: CalculatedRisk	Respond to of 306849

$10B here, $10B there. It was starting to add up. But $39B ... that is some real change! biz.yahoo.com "SFAS No. 109 guidelines require that a valuation allowance should now be established due to more recent events and developments during the 2007 third quarter. A significant negative factor was the company's three-year historical cumulative loss in the third quarter of 2007 in the U.S., Canada and Germany on an adjusted basis. Another significant factor was the ongoing weakness at GMAC Financial Services related to its Residential Capital, LLC (ResCap) mortgage business, including substantial U.S. losses incurred in 2007. Finally, the company faces more challenging near-term automotive market conditions in the U.S. and Germany."