GMAC posts $2.48 billion loss

Newswire

NEW YORK, July 31 (Reuters) - Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, hurt by a write-down of vehicle leases and mounting losses at its mortgage lending unit. The loss compared with a profit of $293 million a year earlier. Results included a $1.86 billion loss at Residential Capital LLC, the mortgage unit's seventh straight quarterly loss, and a $717 million loss in its auto finance business. Results will hurt those of former parent General Motors ...

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