GMAC has $2.52 billion loss; ResCap unit may fail (Reuters)
| Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail.
Biden votes, goes to Va. to encourage supporters (AP)
AP - Democratic vice presidential candidate Joe Biden cast a vote in Delaware and then raced to Virginia to encourage supporters in the Southern swing state.
Hilton Buyout Drags Blackstone
The downturn in the hotel market is making the acquisition of Hilton Hotels look like a big burden for Blackstone.
Seller Financing Regains Favor
Developers Diversified Realty’s offer to finance part of a property sale is the latest example of seller financing, which is now playing a role in more large deals.
Analysts Think Worst Is Yet to Come
The Los Angeles property market is looking more earthbound, as the global financial crisis is beginning to play itself out in the region’s real estate.