GMAC Gets Bank Status, Additional Federal Funds

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GMAC auto and mort­gage finance com­pa­ny needs to remain sol­vent to assist GM deal­ers with buy­ing inven­to­ry and GM cus­tomers in buy­ing vehi­cles. The US Trea­sury Depart­ment invest­ed an addi­tion­al $6B in GMAC in efforts to save the com­pa­ny and demand­ed 8–9% returns and con­ces­sions on exec­u­tive com­pen­sa­tion lim­its. GMAC is still work­ing toward meet­ing equi­ty require­ments that per­mit­ted its des­ig­na­tion as a bank and eli­gi­bil­i­ty for the bailout.

Background
GMAC pro­vides financ­ing to 85% of GM’s deal­ers
GMAC post­ed $2.5B 3rd Q loss, near­ly $8B in loss­es over last 15 months
US car and truck sales down 16.3% thru Nov, GM sales off near­ly 22%




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