Foreclosures Double GMAC’s First Quarter Loss
May 1, 2008
Detroit–Foreclosures are causing problems for some mortgage handlers, including GMAC, General Motor’s finance company, Forbes said.Detroit-based GMAC posted a first quarter loss this week that was nearly twice as much as the one it announced during the same period in 2007.GM fell 2.3 percent–50 cents–to $1.44 in afternoon trading as a result on Tuesday.The company’s…
Detroit–Foreclosures are causing problems for some mortgage handlers, including GMAC, General Motor’s finance company, Forbes said.Detroit-based GMAC posted a first quarter loss this week that was nearly twice as much as the one it announced during the same period in 2007.GM fell 2.3 percent–50 cents–to $1.44 in afternoon trading as a result on Tuesday.The company’s home mortgage unit is suffering because of “falling home prices in the U.S. and tight mortgage liquidity around the world,” according to GMAC Chief Financial Officer Robert Hull.
