US: GMAC to record Q4 loss of US$5bn

In a presentation for analysts and investors, GMAC Financial Services chief executive officer Michael Carpenter has acknowledged the company expects to report a US$5bn net loss in Q4 2009. This Q4 loss stems in part from a previously disclosed US$3.8bn pre-tax charge tied to revaluing “higher-risk mortgage loans.” A loss Subscribe to Automotive World to … Continued

In a presentation for analysts and investors, GMAC Financial Services chief executive officer Michael Carpenter has acknowledged the company expects to report a US$5bn net loss in Q4 2009. This Q4 loss stems in part from a previously disclosed US$3.8bn pre-tax charge tied to revaluing “higher-risk mortgage loans.” A loss

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https://www.automotiveworld.com/articles/80215-us-gmac-to-record-q4-loss-of-us-5bn/

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