UPDATE 1-GMAC posts $2.48 billion loss

Newswire

(New throughout) NEW YORK, July 31 (Reuters) - Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, hurt by write-downs of vehicle leases and mounting losses at its mortgage lending unit. "A soft economic environment and continued volatility in the mortgage and credit markets have significantly affected results," Chief Executive Alvaro de Molina said. "Higher fuel prices and weaker consumer credit prove to be headwinds." The loss compared with a profit of $293 ...

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