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GMAC needs about $11.5 billion after stress test

Posted Thursday, May 7, 2009, 11:35 am in Employee News

GMAC LLC needs about $11.5 billion in new capital as a result of the government stress tests, a person familiar with the matter said on Wednesday and Reuters reported.

The company is one of 19 lenders subject to government “stress tests” of their ability to weather a deep recession, the news service said. Results of the tests are due today, Reuters said.

GMAC posted its sixth loss in seven quarters on Tuesday as the weak economy caused a surge in soured auto and mortgage loans, the news service said. GMAC’s owners include General Motors and the private equity firm Cerberus Capital Management LP, the story said. (Reuters/Automotive News)
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