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        GM Earnings Hurt By GMAC Subprime Losses | The Study of Economics

        SAN FRANCISCO - MAY 03: A sign advertises a house for sale by Pacific Union, a G.M.A.C. real estate company May 3, 2007 in San Francisco, California. General Motors announced Q1 net income fell 90 percent to $62 million, or 11 cents a share, down from $602 million, or $1.06 one year ago. The drop in income was blamed on subprime loan losses from its G.M.A.C. mortgage division, which lost $910 million. (Photo by Justin Sullivan/Getty Images)

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