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GMAC loss widens as auto, insurance units decline

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  • First quarter net loss of $589 million
  • Automotive finance and insurance businesses remain profitable
  • Results in the U.S. residential mortgage business improved; offset by a decline in the international mortgage business
  • Cash and certain marketable securities of $18.6 billion
General Motors Acceptance Corp. reports a wider first-quarter loss, reflecting steep declines in the financing company’s international-mortgage business that more than offset profits from the auto and insurance divisions.

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GMAC loss widens as auto, insurance units decline
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