U.S. Treasury secures $6 billion in aid for GMAC

The U.S. Treasury on Monday announced it will be making $6 billion in Troubled Assets Relief Program (TARP) money and other funding available to troubled car lender GMAC. The Cerberus and GM-owned entity will get $5 billion in TARP funds plus another $1 billion from a Treasury-backed General Motors purchase of GMAC equity.
Last week the [...]

U.S. Federal Reserve approves GMAC request for bailout eligibility

The U.S. Federal Reserve on Wednesday approved GMAC’s request to be considered a bank holding company, effectively paving the way for the auto financing company to apply for federal aid from the $700 billion bailout fund established earlier this year. The news breathes new life into the troubled finance agency’s future, as bankruptcy had been [...]