GMAC Financial swings to $724M loss in 4Q on poor ResCap performance |
| CNNMoney.com - Feb 5, 2008 |
GMAC Financial Services Tuesday reported its preliminary results for the fourth quarter, posting a net loss of $724 million, down from earnings of $1 billion in the same period a year earlier.
The company is majority-owned by an investor consortium led by Cerberus Capital Management L.P. General Motors retains a 49% stake in the operation.
GMAC attributed the loss in the latest quarter to the impact of weakness in the mortgage, housing and capital markets on its Residential Capital LLC business, which had a loss of $921 million in the period.
It also noted a number of items in the latest quarter, including a gain of $563 million on the repurchase and retirement of ResCap debt, a gain of $483 million from the sale of residual cash flows and the deconsolidation of certain on-balance sheet securitization structures and a restructuring charge of $131 million.
Read Full Article from CNNMoney.com
- Posted: 2008-02-05 09:18:36
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
