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GMAC Financial Services is reportedly in talks with the Treasury Department for its third...

GMAC Financial Services is reportedly in talks with the Treasury Department for its third lifeline: between $2.8B and $5.6B in fresh capital, on top of the $12.5B the lender has received since December, coming via preferred stock.
Comments (13)
  • Maybe they should call Icahn. He seems to have a ton of money to invest in crappy financials.
    27 Oct 2009, 08:35 PM Reply Like
  • Let...them...sink...or... No more of my money!

     

    They need to figure it out WITHOUT taxpayer help. PERIOD!
    27 Oct 2009, 08:37 PM Reply Like
  • Sounds like a great investment.
    27 Oct 2009, 08:43 PM Reply Like
  • Is this better than expected?
    27 Oct 2009, 09:30 PM Reply Like
  • This is also an indirect way of backing up Government Motors and Fiat, who still depend upon GMAC for much of their financing.
    27 Oct 2009, 09:45 PM Reply Like
  • Note how little play this story gets tomorrow. This will be buried, and the funding will continue.
    27 Oct 2009, 10:01 PM Reply Like
  • On Oct 27 09:45 PM tripleblack wrote:

     

    "This is also an indirect way of backing up Government Motors and
    Fiat, who still depend upon GMAC for much of their financing."

     

    Have to keep those loyal union voters happy.
    27 Oct 2009, 10:03 PM Reply Like
  • Definitely, tuna. Analysts were expecting GMAC to ask for $2.81 to $5.61 billion in free money. DOW up 10000% tomorrow.
    27 Oct 2009, 10:36 PM Reply Like
  • I should default on my GMAC mortgage; might be the only way to get my money back from being bent over by bankers and my "government".
    27 Oct 2009, 10:38 PM Reply Like
  • What ever happened to shooting the horse when he came up lame?
    27 Oct 2009, 10:52 PM Reply Like
  • how else can we support the car market then without a steady supply of defaulting 1.99% car loans?
    27 Oct 2009, 10:56 PM Reply Like
  • Yes ...GM will be the new Amtrak....billions of annual funds required...its the jobs stupid..this country is tanked...how do you compete with it..can Honda..or Ford...
    27 Oct 2009, 11:31 PM Reply Like
  • While at first glance everyone thought the big story was GM, the Admin said it was to big to fail, would cost 3 million jobs, this was a facade, the real story was GMAC, it was GM primary profit center. There is no way the admin will or can allow GMAC to fail, it would be the end of the Auto industry, the loss of all our money and the end of government de facto control over car design, the reason, lenders are not lending to car buyers, the risk of non payment is way to high in this economic environment, so GMAC is the lender of first choice. As a result the government has in fact guaranteed by its association that GM will not fail nor GMAC no matter at what cost to the American taxpayer. GMAC is the juice that drives the industry
    28 Oct 2009, 09:28 AM Reply Like
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