GM misclassified cash outflows related to mortgage loan originations and purchases
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GM misclassified cash outflows related to mortgage loan originations and purchases
I think GM sold a majority stake in GMAC just at the right time especially considering the next few years is going to be very difficult for homeowners entering their 3rd and 4th year of their mortgages- http://money.cnn.com/2006/03/28/real...ears/index.htm
quote below from Http://today.reuters.com/business/ne...GM-GMAC-DC.XML
quote below from Http://today.reuters.com/business/ne...GM-GMAC-DC.XML
GMAC to restate results due to accounting errors
Tue Mar 28, 2006 4:48 PM ET
DETROIT (Reuters) - General Motors Acceptance Corp., the finance arm of General Motors Corp. (GM.N: Quote, Profile, Research), on Tuesday said it has misclassified cash outflows related to mortgage loan originations and purchases.
GMAC said in a filing with the Securities and Exchange Commission that it has to restate financial results for periods ended March 31, 2005 and 2004, June 30, 2005 and 2004 and September 30, 2005 and 2004.
The restatement will have no impact on previously reported total cash and cash equivalents, GMAC said.
Tue Mar 28, 2006 4:48 PM ET
DETROIT (Reuters) - General Motors Acceptance Corp., the finance arm of General Motors Corp. (GM.N: Quote, Profile, Research), on Tuesday said it has misclassified cash outflows related to mortgage loan originations and purchases.
GMAC said in a filing with the Securities and Exchange Commission that it has to restate financial results for periods ended March 31, 2005 and 2004, June 30, 2005 and 2004 and September 30, 2005 and 2004.
The restatement will have no impact on previously reported total cash and cash equivalents, GMAC said.
Last edited by johnsocal; Mar 28, 2006 at 04:17 PM.
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