GMAC Loses $5bn on Mounting Mortgage Woes

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GMAC Financial Services [stock GOM][/stock] posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss.

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Housing Wire – "GMAC Loses $5bn on Mounting Mortage Woes" (2-4-10) " gmac financial services (gom: 19.8199 -0.85 %) posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss compares to net income of $7.5bn in Q409 and net loss of $747m in Q309.

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