Tuesday, Feb 5, 2008GMAC posts $724 meg fourth-quarter lossAssociated Press

NEW YORK — GMAC Financial Services said today it swung to a expiration during the ordinal lodge as homeowners struggled to ready up with mortgage payments.

GMAC Financial Services forfeited $724 meg in the ordinal quarter, compared with earnings of $1 1000000000 in the preceding assemblage period.

Residential disposition division, Residential Capital LLC, forfeited $921 meg during the lodge because of continuing diminution in the structure market. Losses skyrocketed at the sectionalization because of write-downs on assign residuals and mortgage-backed securities, restructuring charges and higher resource costs.