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Bailout
: Calculated RiskMore Losses at GMAC
By Anonymous
GMAC LLC, the auto and home lender that received a $6 billion government bailout, reported a first- quarter loss of $675 million on surging loan defaults ...GMAC is one of the 19 stress test banks.New vehicle loans plunged 74 percent from a year earlier to $3.4 billion, an increase compared with the fourth quarter?s $2.7 billion, GMAC said. Auto loans more than 30 days past due rose to 3.1 percent in the first quarter from 2.4 percent in the same period a year earlier ...
Full post as published by Calculated Risk on May 05, 2009 (boomark / email).
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