NEW YORK GMAC Financial Services reported a $1.6 billion third-quarter loss last week, after troubles in the housing and credit markets caused heavy losses in GMACs home lending unit, Reuters reported.
Results reflected a $2.26 billion loss in GMACs Residential Capital LLC mortgage unit, including a $1.81 billion operating loss and a $455 million goodwill write-down. On an operating basis, GMAC lost $1.14 billion in the quarter.
Operating profit at the rest of GMAC, including in auto finance and insurance, rose 51 percent to $665 million. GMAC had posted a $293 million second-quarter profit and a $305 million first-quarter loss.