Industry News

GMAC blames mortgage unit for $724 million Q4 loss

ResCap's 2007 losses top $4 billion
Published on Feb 5, 2008

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by CareyBot

GMAC Financial Services said today losses at its mortgage lending subsidiary drove a $724 million loss for the quarter and a $2.3 billion loss for the year. Residential Capital LLC’s fourth-quarter losses totaled $921 million, GMAC said, blaming write-downs on ...