GMAC posts US$5b Q4 loss

Written By: admin on February 8, 2010 No Comment

GMAC posts US$5b Q4 loss
NEW YORK: GMAC Financial Services, a lender that is majority-owned by the US government after multiple bailouts, lost US$5 billion (US$1 = RM3.44) in the fourth quarter after writing down terrible mortgage assets. GMAC, one of the largest car loan makers in the US, said in December it did not expect major losses from its mortgage unit after the fourth quarter. Home loans fueled GMAC’s growth earlier …