GMAC posts $589 mln loss, may not have 2008 profit

Newswire

NEW YORK, April 29 (Reuters) - Finance company GMAC on Tuesday said its first-quarter loss nearly doubled as more customers fell behind on mortgage payments, and said it may not turn a profit this year. The loss increased to $589 million from $305 million a year earlier. Results included a $859 million loss at Residential Capital LLC, the mortgage unit's sixth straight quarterly loss. GMAC has said it may still sell all or part of ResCap, after reducing riskier lending and announcing ...

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