July 31, 2008 / 12:12 PM / 10 years ago

GMAC posts $2.48 billion loss

NEW YORK, July 31 (Reuters) - Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, hurt by a write-down of vehicle leases and mounting losses at its mortgage lending unit.

    The loss compared with a profit of $293 million a year earlier. Results included a $1.86 billion loss at Residential Capital LLC, the mortgage unit’s seventh straight quarterly loss, and a $717 million loss in its auto finance business.

    Results will hurt those of former parent General Motors Corp (GM.N), which kept a 49 percent stake in GMAC after selling the rest in 2006 to private equity firm Cerberus Capital Management LP [CBS.UL]. GM is scheduled to report second-quarter results on Friday. (Reporting by Jonathan Stempel; Editing by Derek Caney)

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