Tuesday, May 05, 2009

More Losses at GMAC

by Bill McBride on 5/05/2009 09:26:00 AM

From Bloomberg: GMAC Reports $675 Million Loss as Loan Defaults Rise

GMAC LLC, the auto and home lender that received a $6 billion government bailout, reported a first- quarter loss of $675 million on surging loan defaults ...

New vehicle loans plunged 74 percent from a year earlier to $3.4 billion, an increase compared with the fourth quarter’s $2.7 billion, GMAC said. Auto loans more than 30 days past due rose to 3.1 percent in the first quarter from 2.4 percent in the same period a year earlier ...
GMAC is one of the 19 stress test banks.