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: The Illinois Personal Injury Weblog of Schaeffer & Lamere P.C.

Federal Gov't Takes Interest in GMAC

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From the Associated Press via Yahoo! News: "GMAC gives up some GM car financing in bailout," by Tom Krisher--

GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.

GMAC LLC disclosed the terms of the deal in a filing early Friday with the U.S. Securities and Exchange Commission. The lender said the federal government will get 5 million preferred shares of GMAC paying 8 percent interest in exchange for its $5 billion capital injection to help GMAC avoid bankruptcy.


--Posted by Madison County Illinois personal injury lawyers and the Alton Illinois car accident attorneys of Schaeffer & Lamere, P.C., handling lawsuits for accidents in Missouri and Illinois, personal injury Illinois and Missouri , products liability Illinois and Missouri, workers' compensation, medical malpractice Illinois and Missouri, Illinois truck accidents and Missouri truck accidents, and all other types of injury cases.

Full post as published by The Illinois Personal Injury Weblog of Schaeffer & Lamere P.C. on January 02, 2009 (boomark / email).

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