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GMAC Financial Services said Tuesday that its fourth-quarter earnings were $7.45 billion compared to a year-ago loss of $724 million. Results in the quarter were largely driven by an $11.4 billion after-tax gain from the extinguishment of debt related to GMAC's fourth-quarter bond exchange, which was partially offset by losses in the global automotive finance and mortgage businesses. GMAC received $5 billion investment from U.S. Treasury's Troubled Asset Relief Program during the period.
Source: FoxBusiness ...
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