GMAC, the company that was not content with just issuing car loans, is now bleeding money from every orifice. I guess the tax payers will have to bail them out, again.
(Bloomberg) — GMAC Inc., the auto and home lender controlled by the U.S. government, posted a record quarterly net loss, driven by the declining value of mortgage assets.
The fourth-quarter loss from continuing operations was $3.9 billion, compared with profit of $7.7 billion a year earlier, Detroit-based GMAC said in a statement. GMAC’s net loss was $4.95 billion after writing down mortgage holdings. For the year, GMAC swung to a net loss of $10.3 billion from a $1.87 billion profit.[…] (H/T Butch)
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