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Bailout
: Calculated RiskTreasury plans GMAC cash infusion
By Anonymous
The Treasury Department plans to announce as early Wednesday afternoon that it will give GMAC Inc. around $3.5 billion in additional capital, sources told The Detroit News.Most of the losses have come from ResCap, GMAC's mortgage unit.... The Treasury Department said earlier this year it would invest up to $5.6 billion more in GMAC -- on top of $13.4 billion GMAC has received over the last year.
...
GMAC is the primary lender to most GM and Chrysler dealers and customers ...
Just a few billion more. Nothing compared to AIG, Freddie and Fannie.
Full post as published by Calculated Risk on December 29, 2009 (boomark / email).
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