Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail.

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AP - GMAC Financial Services says its third-quarter loss widened to $2.52 billion, pulled down by steep losses at its mortgage division.

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Reuters - Corporate results and outlooks worsened on Monday, and automotive companies from Japan to Italy to Detroit said October sales were the weakest in about 20 years as economies continued to weaken and consumer credit, and available cash, dried up.

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BusinessWeek Online - In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure.

--- BusinessWeek Online ...

AP - Spain's government has unveiled a plan to help families struggling to make their mortgage payments and reward businesses that hire new workers amid the financial crisis.

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AFP - Britain confirmed Saturday it is in talks with a Scottish businessman over a possible rival bid for HBOS, the British banking group hit hard by the subprime crisis.

--- AFP ...