|
GMAC posts $3.9 billion second-quarter loss
GMAC posts $3.9 billion second-quarter loss
Posted Tuesday, Aug 4, 2009, 1:39 pm in Employee News
GMAC Financial Services, which provides both automotive and home loans, said Tuesday it posted a wider second-quarter loss of $3.9 billion as it transformed from an arm of General Motors Co. into an independent bank, the Associated Press reported.
In the year-ago period, the company posted a loss of $2.48 billion. Revenue during the quarter fell 28 percent to $1.27 billion from $1.76 billion, the AP said.
The bulk of the latest quarterly loss stems from a $1.6 billion charge related to company’s mortgage business, the news service said. GMAC also incurred a $1.2 billion tax charge on its conversion from GM’s financing arm to a separate company offering personal banking services in addition to auto loans for GM and Chrysler customers. Excluding those charges, GMAC said its second-quarter loss was about $400 million, the story said. (Associated Press/Detroit News)
__________________
Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
|
Linear Mode
