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GMAC posts $2.5 billion quarterly loss

Started by morganb · 11 months ago

GMAC, the financing division of GMC, posted a $2.48 billion dollar loss for the quarter driven by losses tied to its ResCap residential mortgage group and auto lease write downs.  ResCap which has been posting massive losses since the credit crunch began, lost $1.86 billion tied to more mortgage misery. Private equity firm Cerberus [...] ... Continue reading »

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  • General Motors still owns 49% of Res Cap. Given General Motors ongoing losses, it's hard to see how they can pony up their share of capital required to keep Res Cap afloat. It's hard to imagine Res Cap not imploding.

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