Wednesday, Nov. 4, 2009

GMAC Financial Services net loss narrows in 3Q

NEW YORK (AP) - GMAC Financial Services says its net loss narrowed in the third quarter as its auto-lending unit turned a profit.

But the former lending arm of General Motors Co. says its results continued to be weighed by losses in its struggling home-mortgage unit, though the loss was smaller than last year.

GMAC said Wednesday that its loss fell to $767 million, compared with $2.52 billion a year earlier.

Excluding several discontinued business lines, the company earned $77 million.

The news comes a week after the Treasury Department said it was in talks with the lender over a third injection of taxpayer aid.

2009-11-04     13:45:37 GMT

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