GMAC Will Not File Separate Financials on ResCap

GMAC Financial Services said during its third-quarter conference call that it would no longer provide separate quarterly or annual reports for Residential Capital Corp., its troubled residential mortgage division. The decision angered analysts that follow the company, which is 35% owned by the government. "It just doesn't send a very good signal to people on our side of the market," Sarah Thompson, a bond analyst at Barclays Capital, said on the call. Craig Emrick, a vice president and senior credit officer at Moody's Investor Service, lamented that there would be a "significant decline in the level of information provided publicly." Because only 300 investors hold ResCap's $4 billion of debt, Securities and Exchange Commission rules do not require it to file financials with the agency. GMAC's chief financial officer, Robert Hull, said the change would save it a "tremendous" amount of money, though he did not specify how much. The row with analysts comes as the $178-billion-asset GMAC has been trying to become less reliant on the capital markets for its funding by expanding the deposit gathering ability of its depository, Ally Bank. ResCap lost $747 million in the third quarter - thanks in part to loan repurchase liabilities - but its performance was a marked improvement over a $2 billion loss in the same period last year. It ranks fifth nationwide in originations.