Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter. GMAC, which is owned by the federal government, is still working to sell its troubled home lending business, ResCap. Mortgage operations overall lost more than $4 billion during the quarter, and GMAC logged a $3.3 billion charge related to its efforts to sell the unit.
The company has said that options for ResCap include selling the unit, selling off its bad assets, but keeping the subsidiary or putting it into bankruptcy.
Read Article