NEW 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.