GMAC Expects $5B Loss For Q4

In an investor presentation Tuesday, GMAC announced it will likely take a $5 billion loss for the fourth quarter of 2009, as the struggling auto and home lender seeks to write down or sell mortgage assets tied to its Residential Capital unit.

The company said the losses will include a $3.8 billion pre-tax charge against fourth-quarter earnings that will be used, in part, to write down mortgage-related investments. GMAC received $3.8 billion of new capital from the Treasury in late December.

SOURCE: GMAC

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