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GE Capital prev be profitable in 2009 General Electric announced that its finance arm not need more resources; GE Capital in December tena 48,000 million dollars in debt on commercial real races.
GE earnings fall 44%
GE Capital had in December with 48,000 million dollars in debt on commercial real seal races and prev losses 10,600 million dollars in its business and consumer wrightwood ca operations.
Many have expressed preocupacin to the possibility that the deterioration of some of its holdings of investment, as backed by commercial mortgages and CMBS securities, have an adverse effect on the net result of GE Capital greater than that expected executives.
GE shares rise 6.5% to 11 dollars. The action has doubled in price in the weeks after registering ÚLTIMAS steep declines due to concerns about GE Capital. However, Wednesdays accinan recorded until a decrease of 36%.
This month, Sherin desminti sealaban rumors that GE has 45,000 million dollars in CMBS whose value must be reduced. Instead, the executive affirmed that the company holds 2,900 million dollars in CMBS in its portfolio wrightwood ca inversiny a group of loans for commercial real roots of 50,000 million dollars guaranteed in a preferred position.
Investors hoped to achieve in the meeting Thursday a more detailed analysis of the composition of the portfolio of commercial real races owner of the largest properties wrightwood ca in the world frame. However, observers are concerned that the information may divulgacin do not diminish the doubts about whether the conglomerate has truthfully declared facing potential losses on their investments.
When values increased, wrightwood ca the real roots solan be an important source of profits for the financial division of GE. By selling a few buildings, the company may immediately recognize wrightwood ca gains. However, with virtually paralyzed market sales, profits collapsing and ESTN risk is losses are increasing.
In his annual letter to shareholders, the incumbent president and CEO of GE, Jeffrey Immelt, offered wrightwood ca a frank outlook for the real estate wrightwood ca holdings of the company, "Today, I would like to tuvisemos less exposicina the commercial real races. "
About 80% of its real estate wrightwood ca holdings were purchased in cash and not weigh mortgages on them, that means that, unlike other investors properties that have high leverage, GE faces a reduced risk of having to sell to pay creditors .
He added that the company rates 90 days delinquent in their mortgage portfolio in the UK, another area of preocupacin for investors, ESTN increasing steadily, to be located about 14 % last month. GE Capital indic concessions that reduced wrightwood ca their mortgage loans in all regions, particularly in the UK where recort its projections for 2009 grants loans to 100 million dollars compared to 4,800 million of dollars of last year.
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