Aug-6th-2009
Mortgage business fuels wider-than-forecast loss
DETROIT–GMAC Inc. Posted a wider second quarter loss of $3.9 billion U.S. As it shifted from being mainly an auto and mortgage loan company to an online, retail bank.
In the year ago period, the company posted a loss of $2.48 billion.
profit throughout the quarter fell 28 per cent to $1.27 billion from $1.76 billion.
The bulk [...]