by Bill McBride on 12/29/2009 08:06:00 PM
Tuesday, December 29, 2009
From the Detroit News: Treasury plans to inject around $3.5 billion into GMAC (ht jb)
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.
Posted by Bill McBride on 12/29/2009 08:06:00 PM