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Mortgage worries hurt GM stock

Shares of General Motors Corp. fell 8.5% Monday, their largest drop in two years, on fears that vehicle sales will drop next year and that the crisis in the home-mortgage market will spill into auto-loans financing arms at both GM and Ford, according to the Detroit Free Press.

"From retail to autos, there's a significant amount of uncertainty with respect to health of the American consumer in the face of high energy costs and this lingering effect of the subprime mortgage market," said David Sowerby, portfolio manager at Bloomfield Hills-based Loomis Sayles & Co.

Posted by Peter C. T. Elsworth  at 10:10 AM to GM | Permalink

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