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Wednesday, May 20, 2009

GMAC to Receive $7.5 Billion from Treasury

by Calculated Risk on 5/20/2009 08:32:00 AM

From the Detroit News: Feds to inject $7.5B more into GMAC (ht jb)

The Treasury Department is preparing to announce as early as today that it will invest an additional $7.5 billion in GMAC LLC in a deal that could allow the U.S. government to hold a majority stake in the Detroit-based auto finance company.
The Stress Test results showed GMAC needs another $11.5 billion in capital, so there is probably more coming.