GMAC Inc. received a $3.8 billion capital injection from the U.S. Treasury, the third lifeline to the home and auto lender that counts the government as its largest stakeholder.
The company previously benefited from two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations. Detroit-based GMAC is the primary lender to General Motors Co. and Chrysler Group LLC.
With the aid, the government’s equity ownership of GMAC will increase to 56 percent from 35 percent, the Treasury said in a press release today.
(Source: Business Week)
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Maybe someone with fewer connections (like me) could use a $3 billion bailout?
Oh well, we can sell it off in 2013.