Government To Give GMAC Another $3.5 billion in Aid
By Michelle Krebs December 30, 2009
GMAC Financial Services, which provides vehicle loans to General Motors and Chrysler dealers and customers, reportedly is close to receiving $3.5 billion in additional aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reports.
The new capital likely will go its ailing mortgage business, not its car-loan business, the paper said.
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