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GMAC Names Chief Risk Officer After Loss

GMAC Financial Services Wednesday named Samuel Ramsey chief risk officer, barely a month after the finance company posted a $1.6 billion third-quarter loss.

Ramsey joined GMAC in September as treasurer, after more than 25 years at Bank of America, most recently as chief financial officer in corporate and investment banking.

He will report to Al de Molina, GMAC's chief operating officer and a former CFO at Bank of America. A consortium led by private equity firm Cerberus Capital Management in November 2006 bought 51 percent of GMAC from General Motors . The automaker owns the remaining 49 percent.