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Jan 01 2010

GMAC receives 3rd round of bailout funds

Posted by doris in Auto, Bailout, GMC, Government, Money, Stimulus

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — GMAC Financial Services will receive a third round of bailout funds from the U.S. Treasury Department and the government will have a controlling stake in the company, according to a government report Wednesday.

The troubled auto and mortgage lender will collect $3.8 billion of additional aid on top of the nearly $13.5 billion already received since December 2008, the Treasury said in a statement Wednesday.

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