UPDATE 3-GMAC profit falls 63 pct as home loans weigh

Newswire

(Adds details throughout) By Jonathan Stempel NEW YORK, July 30 (Reuters) - GMAC, the finance company once controlled by General Motors Corp. , posted a 63 percent decline in second-quarter profit on Monday, hurt by subprime mortgage losses at its home lending unit. Results, however, improved from the first quarter's after the company reduced lending risk. GMAC bond prices rose, as did shares of GM, which retains a 49 percent stake in GMAC. Earnings at GMAC fell to $293 million from ...

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