GMAC Financial Services (GJM) reported a fourth-quarter net loss of $5.0 billion, compared to net income of $7.5 billion for the fourth quarter of 2008. The company said that the results for the 2009 fourth quarter were largely affected by losses related to legacy assets in the mortgage operations. Results for the 2008 fourth quarter and full year benefited from an $11.4 billion after-tax gain from the extinguishment of debt related to GMAC's bond exchange.
During the year, GMAC made the decision to sell certain businesses and has classified them as discontinued operations. Excluding the results from these businesses, net loss from continuing operations totaled $3.9 billion, compared to net income from continuing operations of $7.7 billion in the comparable prior year period.
Total net revenue for the quarter were $1.505 billion, compared to $10.86 billion in the year ago quarter.
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