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GMAC Financial Services posts $2.5 billion loss

By Steve Gelsi
Last update: 8:19 a.m. EST Nov. 5, 2008
NEW YORK (MarketWatch) -- GMAC Financial Services said Wednesday its third-quarter net loss widened to $2.5 billion from $1.6 billion, as the lending arm of General Motors now 51% owned by a Ceberus Capital Management consortium felt the impact of the credit crises on both its residential and automotive businesses. "Adverse market conditions domestically and internationally continued to affect the mortgage business," GMAC said. "GMAC's automotive finance operation also experienced pressure from lower used vehicle prices and weaker consumer and dealer credit performance." GMAC said it plans to tap into the Federal Reserve's commercial paper purchase program and engaging in talks with regulators about bank holding company status.

Full text: http://www.marketwatch.com/News/Sto...siteid=yhoof2&print=true&dist=printMidSection
 
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