Gmac Bailout News?

The Treasury Department plans to announce early Wednesday afternoon that it will give GMAC Inc. more bailout money in additional capital, sources said.
What's the latest news on the Gmac Bailout plan?

asked by Sun in Car Makes | 2437 views | 12-30-2009 at 07:26 PM

The latest news on the GMAC bailout:

GMAC Financial Services is close to receiving a third round of bailout funds from the U.S. Treasury Department, according to a published report Wednesday.

The announcement for the troubled auto and mortgage lender to collect $3.5 billion of additional aid on top of the $13.5 billion already received since December 2008 is expected within days, the Wall Street Journal reported, citing people familiar with the matter.

The money will help shore up the auto loan and mortgage company, which was formerly owned by General Motors, as it wrestles with the worst housing market in decades.

Many analysts see GMAC's mortgage assets, which make up about a third of the company's $178.2 billion balance sheet, as the main obstacle to the company reaching profitability.

answered by Frederick | 12-30-2009 at 07:27 PM

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