GMAC Financial posts wider second-quarter loss of $3.9B

GMAC Financial Services, which provides both automotive and home loans, says it posted a wider second-quarter loss of $3.9 billion as it transformed from an arm of General Motors Co. into an independent bank. In the year-ago period, the company posted a loss of $2.48 billion. The bulk of the latest quarterly loss stems from a $1.6 billion charge related to company's mortgage business. GMAC also incurred a $1.2 billion tax charge on its conversion from GM's financing arm to a separate company offering personal banking services in addition to auto loans for GM and Chrysler customers. Excluding those charges, GMAC says its second-quarter loss was about $400 million.