Business news in brief (The Cincinnati Post)
Fri, 02 Nov 2007 16:50:00 GMT
NEW YORK -- Citing "unprecedented disruptions" in the mortgage industry, GMAC Financial Services said Thursday it lost $1.6 billion in the third quarter, stung by sinking home prices and an aversion among banks and investors to buying home loans. The former financing arm of General Motors Corp. said its mortgage business, ResCap, lost $2.3 billion during the third quarter, offsetting profits ...
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