General Motors (GM) quarterly profits tank

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How do you go from earning $600+ million a quarter to just $60 million?  Easy!  Own a mortgage company.  General Motors (GM) owners of GMAC (who owns ResCap a mortgage finance company, who owns DiTech) reported a 90% decline in profit in its first quarter – all related to losses taken by GMAC on its residential loans.

More here, here, and here.

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