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GMAC To Get $3.5B More In Government Aid

Dec 30, 2009 | Reprints | Unlock Link | Print

GMAC Financial Services is expected to get about $3.5 billion in additional government aid to help the troubled lender absorb losses related to its mortgage operations, a financial industry source familiar with the matter said on Wednesday.

The announcement is expected within days, the source said, speaking anonymously because the talks have been private.

GMAC has already received $12.5 billion in aid from the U.S. government since December 2008.

Banking & Lending

GMAC To Get $3.5B More In Government Aid

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GMAC To Get $3.5B More In Government Aid

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GMAC To Get $3.5B More In Government Aid