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Foreclosures Smack GMAC

Stock quotes in this article: GM , TM , F  

GMAC's woes continued in the fourth quarter, and some investors view the company's promise of profitability in 2008 as less than credit-worthy.

The finance unit of General Motors (GM Quote), which is now 51%-owned by private equity firm Cerberus Capital Management, posted a fourth-quarter loss of $724 million, down 28% from $1.02 billion in the same quarter last year.

Record mortgage foreclosures in the U.S. last year led to a $2.3 billion companywide loss for 2007, but GMAC vowed to return to profitability in 2008, despite falling home prices and the likelihood of an economic recession. ...

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