GMAC Financial Services reported a third quarter net loss of $767 million, compared to a net loss of $2.5 billion in the third quarter of 2008. Results in the quarter were adversely affected by losses related to legacy assets in the mortgage operations.
During the quarter, certain business lines were classified as discontinued operations. These businesses, which include GMAC's U.S. consumer property and casualty insurance business and three international automotive financing operations, have been removed from the company's continuing operations.
Excluding these businesses, net loss from continuing operations totaled $671 million, compared to $2.5 billion in the comparable prior year period.
Excluding certian items, GMAC's net loss from continuing operations in the third quarter was $77 million.
Total financing revenue and other interest income for the quarter declined to $3.417 billion, from $4.951 billion in the year ago quarter.
GMAC said that it continues to focus on finding solutions for certain legacy and non-strategic assets that are no longer part of the long-term strategic vision and represent barriers to restoring financial health.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.