Lehman: GM May Take Nearly $1B Mortgage Hit

General Motors may need to contribute up to $945 million to cover delinquent mortgages made by the lending affiliates of General Motors Acceptance Corp., according to a new report by Lehman Brothers.Late last year, GM sold a controlling stake (51%) in GMAC to Cerberus Capital Management for $14.4 billion. A new Lehman report penned by analyst Brian Johnson says GM may need to make a cash contribution of $900 million to $945 million to cover loan losses at GMAC. Originally, Lehman had forecast that GM would take an additional $400 million hit on GMAC. GM and GMAC have yet to release fourth-quarter results. According to estimates made by the Quarterly Data Report, GMAC-RFC -- a correspondent buyer of mortgages -- acquired $21.7 billion in subprime loans in 2006, while its wholesale arm, Homecomings, table-funded $1.9 billion. GMAC-RFC is also the nation's second-largest warehouse provider, with lines of credit extended to several subprime funders.