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Why I Need a Government Bailout

If having a balance sheet that's a wreck would qualify, GMAC wouldn't need to raise capital to qualify as a bank holding company. They're still seeking more bondholders who would be willing to convert to preferred and a lesser amount of debt. Perhaps, if you can convince your mortgage company to accept this you can qualify but I think the mortgage bailout is a better option for those mortgage holders that qualify. Nothing like forgiving part of the debt, lowering the interest rate and not needing to offer any preferred stock or other consideration.