GMAC Will Get More Bailout Money | Print | E-mail
Written by Charles Scaliger
Wednesday, 30 December 2009 16:00
GMAC Financial Services, the former financial arm of General Motors, is set to receive yet more federal bailout funds as the year draws to a close. According to a Reuters report, GMAC will get roughly $3.5 billion in additional federal government money to help cover losses on the mortgage market. Mortgage-related assets, considered the key to GMAC’s return to profitability, comprise roughly a third of GMAC’s total $178 billion balance sheet.

The bank has already received about $12.5 billion in bailout money, amounting to around half of the bank’s total equity. A government analysis (“stress testâ€