GMAC posts smaller profit as ResCap weighs

Newswire

NEW YORK, July 30 (Reuters) - GMAC, the finance company in which General Motors Corp sold a majority stake, on Monday posted a smaller second-quarter profit, hurt by losses in its home lending unit. The company said net income fell to $293 million from $787 million a year earlier. Its Residential Capital LLC unit posted a net loss of $254 million, compared with a profit of $548 million a year earlier. Year-earlier results included a $259 million one-time gain. GM last November sold a ...

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