TITLE

GMAC POSTS $2.5 BILLION NET LOSS IN 2Q

AUTHOR(S)
Finkelstein, Brad
PUB. DATE
August 2008
SOURCE
National Mortgage News;8/4/2008, Vol. 32 Issue 43, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the $2.5 billion loss in the net income of GMAC Financial Services LLC in New York City in the second-quarter of 2008. The company reveals that the loss is attributable to its Residential Capital LLC (ResCap) in Minneapolis, Minnesota. The loss at ResCap is mainly due to asset sales and a higher loan loss provision related to the deterioration of the European markets, the weak economic condition and continued volatility in the mortgage and credit markets.
ACCESSION #
33918073

 

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