What a surprise eh? It seems we're not done pouring money into the bottomless hole. But hey, I'm sure it'll be a big profit maker for the US taxpayer...
http://finance.yahoo.com/news/Treasury-G...set=&ccode=
Treasury, GMAC in talks for 3rd round of US aid
Treasury says auto lender GMAC in talks for billions more in taxpayer funds to boost capital
* On 9:43 am EDT, Wednesday October 28, 2009
NEW YORK (AP) -- GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
GMAC is a crucial player in the U.S. auto industry, providing wholesale financing to many General Motors and Chrysler dealerships to pay for the vehicles on their lots. The company also operates a mortgage lending unit -- Residential Capital -- which has been pummeled by the housing market downturn. It also runs an insurance unit and an online banking unit called Ally Bank.
So, when do we start getting those divident checks?
http://finance.yahoo.com/news/Treasury-G...set=&ccode=
Treasury, GMAC in talks for 3rd round of US aid
Treasury says auto lender GMAC in talks for billions more in taxpayer funds to boost capital
* On 9:43 am EDT, Wednesday October 28, 2009
NEW YORK (AP) -- GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
GMAC is a crucial player in the U.S. auto industry, providing wholesale financing to many General Motors and Chrysler dealerships to pay for the vehicles on their lots. The company also operates a mortgage lending unit -- Residential Capital -- which has been pummeled by the housing market downturn. It also runs an insurance unit and an online banking unit called Ally Bank.
So, when do we start getting those divident checks?
