GMAC posts $2.5-billion second-quarter loss

GMAC Financial Services says it swung to a steep second-quarter loss as slumping vehicle sales and a weak credit and consumer environment weighed on its results. GMAC says it lost $2.5 billion in the second quarter compared with a profit of $293 million in the same quarter last year. It says its Residential Capital LLC lending division’s loss widened to $1.86 billion from $254 million. GMAC also says it took a $716-million impairment charge during the quarter due to slumping vehicle sales and lower used vehicle prices.