GMAC Financial posts wider second-quarter loss of $3.9B

GMAC Financial Services, which provides both automotive and home loans, says 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.
AUG 04, 2009
GMAC Financial Services, which provides both automotive and home loans, says 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. In the year-ago period, the company posted a loss of $2.48 billion. The bulk of the latest quarterly loss stems from a $1.6 billion charge related to company's mortgage business. 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 says its second-quarter loss was about $400 million.

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