GMAC Financial Services, the consumer lender now majority owned by the government, said Tuesday it expects to report a loss of about $5 billion in the fourth quarter thanks to deep writedowns on underperforming mortgage loans it plans to sell.The main driver of the anticipated loss is a $3.8 billion writedown taken as GMAC prepares to sell parts of a troubled mortgage arm that CEO Michael Carpenter
The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home
No. 25 Central Michigan and Troy will meet in the GMAC Bowl in Mobile, Ala., on Jan. 6, the eve of the national championship game.
Foreign universities may be going the extra mile to lure Indian students abroad, but a new report reveals that Indian students who aspire for a Master in Business Administration (MBA) degree
GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round
GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the auto
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