GMAC 3Q loss widens, blames economic woes
By The Associated Press Friday, November 07, 2008NEW YORK - GMAC Financial Services said Wednesday its third-quarter loss widened to $2.52 billion, as the ongoing woes of the global credit industry resulted in steep losses at its mortgage division.
For the year-earlier period, GMAC had a loss of $1.6 billion. Revenue tumbled 24 percent in the latest quarter to $1.72 billion from $2.25 billion.
The New York-based company said economic and market conditions made things tough for the lending industry overall during the quarter.
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