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GMAC to get more bailout funds
Federal Reserve: GMAC to get more bailout funds
Posted on Tuesday, November 10th, 2009 at 2:36 PM EST. (Employee News)
GMAC Inc. is expected to get more federal money so it can meet government requirements in case the economy softens, the Federal Reserve indicated Monday, the Detroit Free Press reported.
The bank holding company, which provides financing for General Motors and Chrysler vehicles and dealerships, is in negotiations with the U.S. Treasury to get additional money from the $700-billion TARP fund, the paper said. GMAC is the only one of 10 banks, (which were deemed earlier this year in need of raising more money or improving the quality of their capital to withstand worse-than-expected financial conditions) to have failed in increasing their capital enough to “meet or exceed their required capital buffers,” according to a Federal Reserve Board statement, the Free Press reported.
Late last month, it was first reported that GMAC was seeking a third bite of federal bailout money, the paper said. The financial services company has already received $12.5 billion in government help and is reportedly seeking up to $5.6 billion more in loans, the story said. (Detroit Free Press)
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