Your Tax Dollars At Work: GMAC Flushes $5 Billion Down The Toilet In Q4

Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter.

GMAC, which is owned by the federal government, is still working to sell its troubled home lending business, ResCap. Mortgage operations overall lost more than $4 billion during the quarter, and GMAC logged a $3.3 billion charge related to its efforts to sell the unit.

The company has said that options for ResCap include selling the unit, selling off its bad assets, but keeping the subsidiary or putting it into bankruptcy.

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LexSucks - 2/4/2010 4:49:11 PM

-2 Boost

It's all Obama's fault!!!

tattedtwice - 2/4/2010 5:44:34 PM

+2 Boost

All his fault, for coming into office after the hick had already ruined everything.

EL34 - 2/5/2010 2:14:54 AM

-5 Boost

That dounce Obama doesn't even know how to pronounce the word "Corpsman", the dolt said, "Corpse Man" 3 frickin' times.

Tomorrow is Friday and the jobs report will be bad. Even though nitwit keeps saying he's creating jobs.

The jerk is a joke!

0to60 - 2/5/2010 11:10:05 AM

+2 Boost

What were you saying about the jobs report EL?

nguyenvuminh - 2/4/2010 9:18:23 PM

+4 Boost

I'll give you credit for your persistence 009 :-) It's almost Limbaugh-like

PerformanceGuy - 2/5/2010 1:31:51 PM

+3 Boost

It usually is.

Dr550 - 2/5/2010 4:31:50 PM

-2 Boost

Obama is the "quarterback" now, enough about Bush. Deficit is growing under his watch.

LexSucks - 2/5/2010 4:56:20 PM

+2 Boost

Enough about Bush? So turning a surplus into a deficit doesn't count? Bush screwed the up the country, not Obama. All Obama is doing is cleaning up Bush's mess. Or was it Obama that turned a surplus into a defict from 2001-2008? LOL!!

Lemonade - 2/5/2010 10:36:34 PM

+1 Boost

Hey 009, you forgot to credit your source, 1UAW... lol