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0000950137-07-003713.txt : 200703130000950137-07-003713.hdr.sgml : 2007031320070313160730ACCESSION NUMBER:0000950137-07-003713CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:18CONFORMED PERIOD OF REPORT:20070313ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070313DATE AS OF CHANGE:20070313

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:RESIDENTIAL CAPITAL, LLCCENTRAL INDEX KEY:0001332815STANDARD INDUSTRIAL CLASSIFICATION:MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]IRS NUMBER:201770738STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-51438FILM NUMBER:07690722

BUSINESS ADDRESS:STREET 1:8400 NORMANDALE LAKE BOULEVARDCITY:MINNEAPOLISSTATE:MNZIP:55437BUSINESS PHONE:952-857-8700

MAIL ADDRESS:STREET 1:8400 NORMANDALE LAKE BOULEVARDCITY:MINNEAPOLISSTATE:MNZIP:55437

FORMER COMPANY:FORMER CONFORMED NAME:RESIDENTIAL CAPITAL CORPDATE OF NAME CHANGE:20050712

8-K1c13259e8vk.htmCURRENT REPORT

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

March13, 2007
(Date of report; date of
earliest event reported)

Commission file number: 0-51438

RESIDENTIAL CAPITAL, LLC

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

20-1770738
(I.R.S. Employer
Identification No.)

8400 Normandale Lake Boulevard
Minneapolis, Minnesota
55437
(Address of principal executive offices)
(Zip Code)

(952) 857-8700
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2. below):

oWritten communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item2.02Results of Operation and Financial Condition

OnMarch13, 2007, Residential Capital, LLC (ResCap) announced operatingresults for the fourth quarter and full year ended December31,2006. The announcement isattached hereto and incorporated by reference as Exhibit99.1.

Charts furnished to securities analysts in connection with ResCaps fourth quarter and full year2006 earnings announcement are attached hereto and incorporated by reference as Exhibit99.2.

Item9.01Financial Statements and Exhibits

Exhibit No.

Description

99.1

Announcement, Dated March13, 2007

99.2

Charts Furnished to Securities Analysts

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

RESIDENTIAL CAPITAL, LLC
(Registrant)

Dated:March 13, 2007 /s/ James N. Young

James N. Young

Chief Accounting Officer and Controller

EXHIBIT INDEX

Exhibit No. Description

99.1

Announcement, Dated March13, 2007

99.2

Charts Furnished to Securities Analysts

EX-99.12c13259exv99w1.htmPRESS RELEASE

exv99w1

Residential Capital, LLC Reports 2006 Earnings

MINNEAPOLIS (March13, 2007) Residential Capital, LLC (ResCap), an indirect wholly-owned subsidiary ofGMAC, LLC, reported 2006 net income of $705million, compared to net income of $1.0billion in2005. Net income in 2006 was significantly affected by a onetime tax benefit of $523million inthe fourth quarter from the conversion of ResCap to a limited liability company (LLC)in connectionwith the November sale of a majority interest in GMAC. ResCaps 2006 operating earnings, whichexcludes the LLC conversion benefit, were $182million, compared to $1.0billion of operatingearnings in 2005.

2006 Full-Year Results

($in millions)

2006 2005 Change

Operating Earnings

$ 182 $ 1,021 ($839 )

- Benefit of LLC Conversion

523 523

GAAP Net Income

$ 705 $ 1,021 ($316 )

The challenging market environment - including pressure on home prices and weakening consumercredit - severely depressed the value of ResCaps large nonprime asset portfolio, resulting insignificant operating losses at its Residential Capital Group operating segment. These losses morethan offset the record earnings achieved at ResCaps International Business Group and BusinessCapital Group, including a $259million after-tax gain on the second quarter sale of an equityinvestment in a regional homebuilder.

For the fourth quarter, ResCap reported an operating loss of $651million, compared to net incomeof $118million in the prior-year period. The loss reflects increased reserves related to bothhigher delinquency and greater loss severity in the nonprime held for investment portfolio,difficult market conditions for mortgages held for sale and credit losses related to lendingrelationships with certain third-party nonprime market participants. In addition, risingshort-term interest rates and market volatility suppressed the value of the mortgage servicingassets, and the slowdown in new home construction negatively affected financial performance.

The sharp downturn in the U.S. mortgage market in the fourth quarter posed enormous challenges forthe industry as a whole - origination volume was down, margins narrowed, delinquencies rose andpressure on home prices intensified, explained Eric Feldstein, Chief Executive Officer of GMACFinancial Services. At ResCap, net losses were incurred in its core U.S. mortgage business in thewake of this difficult industry environment. Nonetheless, ResCaps geographic and productdiversity helped the company maintain a profitable bottom line overall for the year. In responseto continued

weakness in the mortgage market, ResCap has sharply reduced its production of nonprime mortgagesand has stepped up its loss mitigation efforts in connection with the companys existing nonprimemortgage exposure. Meanwhile, ResCaps U.S. prime mortgage lending and servicing operations, aswell as its international mortgage business, continue to run profitably.

ResCaps total U.S. loan production in 2006 amounted to $161.6billion, of which 19percent wasnonprime. For the fourth quarter of 2006, ResCaps U.S. loan production totaled $41.2billion, ofwhich 17percent was nonprime.

ResCaps U.S. Loan Production:

Full Year

2006 2005 Change

Prime

$ 131.0 $ 123.2 6 %

Nonprime

30.6 35.9 (15 %)

Total U.S. Loan Production

$ 161.6 $ 159.1

Memo: Nonprime production as % of total

19 % 23 %

Fourth Quarter

Q4 2006 Q4 2005 Change

Prime

$ 34.3 $ 28.6 20 %

Nonprime

6.9 12.1 (43 %)

Total U.S. Loan Production

$ 41.2 $ 40.7

Memo: Nonprime production as % of total

17 % 30 %

Outlook:

Our most pressing priority, though, is to continue implementing changes at our U.S. mortgageoperations to address a rapidly changing market environment, Feldstein continued. Underwritingstandards have been tightened to reduce nonprime origination volume, while remediation activitieson delinquent loans are being expanded. ResCap will also continue to right-size its structuralcost base in line with lower volume and narrower profit margins. At the same time, ResCap willseek to capitalize on opportunities arising from the current market downturn.

ResCaps earnings in the near-term will likely remain under pressure. Nevertheless, the companyslarge-scale prime mortgage lending and servicing operations, its profitable investments inhomebuilding and resort finance, and its expanding international business are points of competitivestrength.

These strengths provide a strong foundation for ResCap, said Feldstein. Accordingly, thelong-term prospects for GMACs mortgage business - as well as its auto finance and insuranceoperations - remain favorable.

ResCap plans to file its annual report on Form 10-K with the Securities and Exchange Commissionlater today. This filing can be found on ResCaps investor website(https://www.rescapholdings.com/investor/index.htm) as well as at the SEC.

About Residential Capital, LLC

Residential Capital, LLC (http://www.rescapholdings.com) is a leading real estate finance company,focused primarily on the residential real estate market in the United States, Canada, Europe, LatinAmerica and Australia. The companys diversified businesses GMAC-RFC, GMAC Mortgage, ditech.com,GMAC Real Estate and Homecomings Financial cover the spectrum of the U.S. residential financeindustry, from origination and servicing of mortgage loans through their securitization in thesecondary market. It also provides capital to other originators of mortgage loans, residential realestate developers, resort and timeshare developers and healthcare companies. Residential Capital,LLC is an indirect wholly owned subsidiary of GMAC, LLC.

Legal Notice

In this earnings release and comments by Residential Capital, LLC (ResCap) management, the use ofthe words expect, anticipate, estimate, forecast, initiative, objective, plan,goal, project, outlook, priorities, target, intend, evaluate, pursue, seek,may, would, could, should, believe, potential, continue, or the negative of any ofthose words or similar expressions is intended to identify forward-looking statements. Allstatements herein and in related charts and management comments, other than statements ofhistorical fact, including without limitation, statements about future events and financialperformance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believethese judgments are reasonable, these statements are not guarantees of any events or financialresults, and ResCaps actual results may differ materially due to numerous important factors thatare described in ResCaps most recent report on SEC Form 10-K, which may be revised or supplementedin subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following:securing low cost funding to sustain growth for ResCap; our ability to maintain an appropriatelevel of debt; recent developments in the residential mortgage market, especially in the nonprimesector; the impact on ResCap of the continuing decline in the U.S. housing market; changes in U.S.government -sponsored mortgage programs or disruptions in the markets in which our mortgagesubsidiaries operate; changes in our contractual servicing rights; costs and risks associated withlitigation; changes in our accounting assumptions that may require or that result from changes inthe accounting rules or their application, which could result in an impact on earnings; changes inthe credit ratings of ResCap; changes in economic conditions, currency exchange rates or politicalstability in the markets in which we operate; and changes in the existing or the adoption of newlaws, regulations, policies or other activities of governments, agencies and similar organizations.

Investors are cautioned not to place undue reliance on forward-looking statements. ResCapundertakes no obligation to update publicly or otherwise revise any forward-looking statements,whether as a result of new information, future events or other such factors that affect the subjectof these statements, except where expressly required by law.

Contacts:

Ken Fischbach
GMAC ResCap
301-215-6203

# # #

EX-99.23c13259exv99w2.htmCHARTS FURNISHED TO SECURITIES ANALYSTS

exv99w2

Full Year and

Fourth Quarter Earnings

March 13, 2007

3:30 p.m. ET

Contact: ResCap Investor Relations (Kenneth Fischbach) at (301) 215-6203

or ResCapInvestorRelations@rescapholdings.com

Forward Looking Statements

In the presentation that follows and in related comments by Residential Capital, LLC ("ResCap")management, our use of the words "expect", "anticipate", "estimate", "forecast", "objective", "plan","could", "should", "would", "may", "goal", "project", "outlook", "priorities", "targets", "intend", "evaluate","pursue", "seek" and similar expressions is intended to identify forward looking statements.

While these statements represent our current judgment on what the future may hold, and we believethese judgments are reasonable, actual results may differ materially due to numerous importantfactors that are described in ResCap's most recent report on SEC Form 10-K, which may be revisedor supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, amongothers, the following: securing low cost funding to sustain growth for ResCap, changes in economicconditions, currency exchange rates, significant terrorist attacks or political instability in the majormarkets where we operate; recent developments in the residential mortgage market, especially in thenonprime sector; changes in the laws, regulations, policies or other activities of governments,agencies and similar organizations where such actions may affect the production, licensing,distribution or sale of our products, the cost thereof or applicable tax rates; and the outbreak orescalation of hostilities between the United States and any foreign power or territory and changes ininternational political conditions may continue to affect both the United States and the global economyand may increase other risks. Investors are cautioned not to place undue reliance on forward-lookingstatements. ResCap undertakes no obligation to update or revise any forward-looking statementsunless required by law. A reconciliation of non-GAAP financial measures included within thispresentation is provided in the supplemental charts.

Use of the term "loans" describes products associated with direct and indirect lending activities ofResCap's global operations. The term "originate" refers to ResCap's purchase, acquisition or directorigination of various "loan" products.

2

Moving

(Securitization/Sales)

Storage

(HFI/Servicing)

Lending

(Lending Receivables)

International

ResCap - 2006 Key Metrics

3

Negative nonprimevaluations

Increase in loan lossprovisions on nonprime

Nonprime credit issues inwarehouse lending

Increased originationvolumes

Cyclical downturn in the nonprimemortgage business occurred very rapidlyfollowing one of the industry's strongesthistorical periods of performance from2001 to 2005

ResCap leaned away from the nonprimemarket in 2006, but still held substantialexposure when dislocation occurred in4Q

ResCap - Changing Market

Deterioration in the Nonprime Mortgage Market Drove a Net Loss at ResCap in

4Q 2006

Change in Median Home Price

U.S. Nonprime Market Share

Source: U.S Census Bureau, National Association of Realtors, as of December 2006

4

Source: Inside Mortgage

ResCap - Impact on Business

Long term fundamental earnings potential of the franchise remainssolid

Losses are confined to areas with nonprime exposure

Incremental provisioning in the Held for Investment portfolio due toanticipated increased frequency and severity of loss

Mark-to-market adjustments in the Held for Sale portfolio

Specific reserves on Warehouse lending assets

A new strategic plan is being implemented to return our U.S. mortgagebusiness to profitability

Significantly reduced nonprime origination volume through tighterunderwriting criteria and pricing changes

Nonprime Held for Investment portfolio runoff of $20 billion in 2007

Structural expense reduction and acceleration of prime and nonprimeU.S. mortgage integration plan

5

Production for theYear Ended 12/31/2006

$162 Billion

Prime Second-Lien

Prime Non-Conforming

Nonprime

Prime Conforming

Excludes loans for which we acted as a subservicer totaling an unpaid principal balance of $55.4 billion as of 12/31/2006

ResCap - U.S. Production and Servicing

Servicing Portfolioat 12/31/2006

$412 Billion1

Nonprime

Nonprime

6

Nonprime HFI Portfolio by Vintage

Year Ended 12/31/2006

$48 Billion

ResCap - Held for Investment Portfolio

At the end of the second quarter, ResCap began to limit the addition ofnonprime exposure to the HFI portfolio

Nonprime portfolio reduced approximately $4.6 billion year over year

Total HFI PortfolioYear Ended 12/31/2006

$69 Billion

Prime Conforming

Prime Non-Conforming

Nonprime

Prime Second-Lien

Nonprimebroken downby vintage

Nonprime

7

Pre 2002

2002

2003

2004

2005

2006

Asset quality weaker due toslowing housing market and stressin nonprime mortgage market

Nonprime assets continue to driveincrease in delinquencies andnonaccruals

Declines in home priceappreciation increased severity oflosses

Allowance for loan lossesincreased to 2.17% at 12/31/2006from 1.55% at 12/31/2005 for theHFI portfolio

ResCap - Held for Investment Portfolio - Credit Quality

* MLHFI - Mortgage Loans Held for Investment. The total MLHFI is $69.4 billion for 2006 & $69.0 billion for 2005 and is included in thebalance sheet under the caption "Finance receivables and loans, net of unearned income"

Nonaccrual Loans as a % of total MLHFI *

Net charge-offs as a % of total MLHFI *

2005

2006

2005

2006

8

Asset quality weaker due tosevere stress with some

nonprime counterparties

Repurchase and liquidity issuescontinue to affect some

nonprime market participants

Allowance for loan lossesincreased to 2.66% at 12/31/2006from 1.38% at 12/31/2005 forlending receivables

Warehouse receivablesrepresented $8.8 billion of lendingreceivables with about 25%supported with nonprime collateralon 12/31/2006

ResCap - Lending Receivables Portfolio - Credit Quality

Total lending receivables are $14.9 billion for 2006 & $13.6 billion for 2005 and are included in the balance sheet under the caption "Financereceivables and loans, net of unearned income"

Net charge-offs as a % of totallending receivables

9

Nonaccrual Assets as a % of totallending receivables

2006

2005

2005

2006

(

)

ResCap - International 2003 2004 2005 2006 Net Income 24 51 90 170

2003 2004 2005 2006 Production 8 14 16.5 27.8

International net income increased 89% year over year

Production increased 68% year over year

Business opportunities continue to expand

10

ResCap - Liquidity

Strong levels of contingent liquidity available

Only $1.3 billion unsecured debt maturities in 2007

Good access to global markets

11

ResCap - Outlook

Solid franchise, strong capital and liquidity provide strength and stability to

operate through mortgage market cycles

Diverse franchise

Top 10 market share position in originations andservicing

Growth in servicing portfolio continues toenhance income

Third party servicing activities continue to expand

Business Capital and International businessescontinue to demonstrate strong financialperformance

Capital and liquidity remain a competitive strength

Over $2.0 billion of liquidity currently available

New facilities totaling $2.3 billion established toaddress funding needs for hard to finance assets

Year end equity capitalization $7.6 billion

GMAC is able to contribute capital in order tomaintain an appropriate ResCap equity level andsupport investment grade ratings

12

Source: Inside Mortgage Finance Feb 2, 2007 and Feb 9, 2007

Continuing pressures at ResCap likely to constrain overall GMACresults near term

Expect continued pressure from:

Softening US housing market

Adjustment of nonprime mortgage market to credit and liquidity issues

Weak performance from nonprime component of HFI portfolio

Highest priority is implementing changes at ResCap to address rapidlychanging mortgage market

Nonprime mortgage origination volume sharply reduced

Expanding remediation activities on delinquent loans

Right-sizing structural cost base

Capitalize on opportunities arising from market downturn

Maximize earnings from ResCap's other businesses

2007 Outlook

13

Supplemental Chart

The following supplemental chart is provided to reconcile

adjusted financial data comprehended in the primary chart set withGAAP-based data (per ResCap's financial statements) and/orprovide clarification with regard to definition of non-GAAPterminology

Reconciliation of Net Income to Operating Earnings

S2

GRAPHIC4c13259c13259z0001.jpgGRAPHIC

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