GMAC loss widens as auto, insurance units decline Auto News AutoNews24h.com

GMAC loss widens as auto, insurance units decline

Auto News : Insurance : GMAC loss widens as auto, insurance units decline

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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