GMAC Financial Services Reports Preliminary Fourth Quarter and Full-Year 2009 Financial Results
 
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Fourth quarter net loss of $5.0 billion; full-year net loss of $10.3 billion
 
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Fourth quarter net loss from continuing operations of $3.9 billion; full-year net loss from continuing operations of $8.0 billion
 
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Strategic actions expected to reduce further effects from the legacy mortgage business
 
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Strengthened support of the domestic auto industry in 2009: originated $18.2 billion of retail automotive credit in the U.S.; outstanding wholesale credit to dealers totaled $19.1 billion in the U.S.; and completed formal underwriting process for Chrysler dealers with 94 percent of applicants approved
 
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GMAC continued to meet well-capitalized requirements with Tier 1 capital ratio of 14.1 percent
 
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Ally Bank and ResMor Trust deposits increased 56 percent during 2009 to $31.1 billion

NEW YORK (Feb. 4, 2010) – GMAC Financial Services today reported a net loss of $5.0 billion for the fourth quarter of 2009, compared to net income of $7.5 billion for the fourth quarter of 2008.  For the 2009 full year, GMAC reported a net loss of $10.3 billion, compared to net income of $1.9 billion in 2008.  Results for the 2009 fourth quarter and full year were largely affected by losses related to legacy assets in the mortgage operations.  Results for the 2008 fourth quarter and full year benefited from an $11.4 billion after-tax gain from the extinguishment of debt related to GMAC's bond exchange.

Results in the quarter were adversely affected by several significant items, including:
 
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$3.3 billion of losses related to strategic mortgage actions;
 
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$573 million mortgage repurchase reserve expense;
 
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$308 million original issue discount amortization expense related to the December 2008 bond exchange;
 
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$262 million provision related to legacy Nuvell subprime assets;
 
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$122 million of mortgage servicing rights (MSR) valuation adjustments; and
 
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$118 million of losses in international automotive operations related to certain wind-down costs.

The aggregate pre-tax impact of these significant items was $4.7 billion.

“GMAC has undergone significant transformation in 2009 and as a result, is better positioned to pursue business and market opportunities going forward,” said GMAC Chief Executive Officer Michael A. Carpenter.  “Key steps during the year included: diversifying the profitable automotive finance business with the addition of Chrysler; launching the Ally Bank brand, which is a key part of our funding profile; strengthening our capital and liquidity positions; and implementing major restructuring actions to minimize risk related to the legacy mortgage business.  We are encouraged with the progress, and the recent upgrades of our credit ratings demonstrate that the steps we are taking are appropriate and making an impact.”

 
 

The following information was filed by Ally Financial Inc. (ALLY) on Thursday, February 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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