Live by the Mortgage, Die...

Holy smoke.

General Motors Corp. said late Tuesday it will record a third-quarter non-cash charge of $39 billion because of accounting standards related to its deferred tax assets in the U.S., Canada and Germany. The company said the money is needed to establish a valuation allowance in part to compansate for unanticipated losses at GMAC Financial Services.

GMAC does two things: it finances new cars, and it writes home mortgages.

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