GMAC gets 3rd Bailout Package

[LargoWinch]

Might as well finish the year in style.

And do not forget to support ally.com bank... :rolleyes:

GMAC Gets $3.79 Billion Boost in Third U.S. Bailout Package
December 30, 2009, 07:16 PM EST
MORE FROM BUSINESSWEEK

By Dakin Campbell, David Mildenberg and Robert Schmidt
Dec. 31 (Bloomberg) -- GMAC Inc., the auto and home lender bailed out twice by the U.S. government, received a third rescue package valued at $3.79 billion that gives taxpayers a majority stake in the Detroit-based company.

The infusion will bolster lending at GMAC as it absorbs $3.8 billion in new pretax charges and decides what to do with its loss-plagued home mortgage unit, according to statements from the agency and the company yesterday. The aid comes on top of about $13.5 billion previously earmarked for GMAC, which regulators have said is crucial to the U.S. auto industry.

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Continued here.

[Mega]

Re: GMAC gets 3rd Bailout Package

If you susceed at 1st, try TRY again (& Again).
Mike

[Slimprofits]

Re: GMAC gets 3rd Bailout Package

They're at it again. ---- http://www.bloombergview.com/article...-to-bankruptcy --- Carmakers' Summer Plans: Back to Bankruptcy? May 2, 2014 9:22 AM EDT By Edward Niedermeyer

The key contributor to GM's revenue increase last quarter was GM Financial, which holds some $30 billion in receivables owed by consumers -- 89 percent of which are subprime! -- and GM dealers, more than two thirds of which have "marginal to weak financial metrics" or worse. Delinquent receivables rose to over a billion dollars, and GM wrote off nearly a quarter billion in bad loans in Q1 alone. And though S&P's research indicated in February that "the best is behind us" in the subprime auto sector, and GM itself claims to have "hit the brakes" on the practice, GM continues to increase in-house subprime lending to keep the metal moving.