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US gives GMAC $3.8 billion in new aid

US gives GMAC $3.8 billion in new aid

The government is providing a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as it struggles with hefty losses in its home mortgage unit.
The Treasury Department says the new aid, which comes from a taxpayer-financed bailout fund, is less than the roughly $6 billion the government had earlier thought GMAC would need to stabilize the company.
The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new agreement will boost the federal government's ownership in GMAC to 56 percent, from 35 percent.


Updated : 2020-12-01 05:13 GMT+08:00