GMAC posts $2.5 billion quarterly loss

GMAC, the financing division of GMC, posted a $2.48 billion dollar loss for the quarter driven by losses tied to its ResCap residential mortgage group and auto lease write downs.  ResCap which has been posting massive losses since the credit crunch began, lost $1.86 billion tied to more mortgage misery. Private equity firm Cerberus Capital owns 51% of ResCap.

From Reuters:

Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, hurt by a write-down of vehicle leases and mounting losses at its mortgage lending unit.

The loss compared with a profit of $293 million a year earlier. Results included a $1.86 billion loss at Residential Capital LLC, the mortgage unit’s seventh straight quarterly loss, and a $717 million loss in its auto finance business.

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