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GMAC posts $1.6 bln third-quarter loss
Thu Nov 1, 2007 10:34am EDT
NEW YORK, Nov 1 (Reuters) - GMAC, the finance company once controlled by General Motors Corp (GM.N: Quote, Profile, Research), on Thursday reported a $1.6 billion third-quarter loss, hurt by mortgage losses at its home lending unit amid difficulties in the housing and credit markets.
The net loss compared with a loss of $173 million a year earlier. GMAC had posted a $293 million second-quarter profit and a $305 million first-quarter loss. (Reporting by Jonathan Stempel, editing by Gerald E. McCormick)
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