(Reuters) - The company's Residential Capital LLC unit posted a net loss of $254 million, compared with a profit of $548 million a year earlier, hurt by what GMAC called "severe illiquidity" in the market for subprime mortgages.
The loss, however, was 72 percent smaller than the first quarter's $910 million. Excluding ResCap, profit at GMAC more than doubled.
Read more at Reuters.com Bonds News
The loss, however, was 72 percent smaller than the first quarter's $910 million. Excluding ResCap, profit at GMAC more than doubled.
Read more at Reuters.com Bonds News
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