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GMAC warns on mortgage business
the company's chief executive, alvaro de molina, said that economic and market conditions created an unrelenting environment for our business .
the company's car finance units lost $294m in the three months to seportember, stemming from a rise in credit losses in north and latin america .
the car comp any still holds a 49% stake in gmac .
gmac has cut back its lending, and this has had an unwelcome knock-on effect on general motors .
gmac financial services has reported an increased loss for the third quarter and warned that its mortgage business, rescap, may struggle to survive .