GMAC gets additional government aid in size of $3.5 billion

According to the Wall Street Journal report, GMAC Financial Services is close to getting about $3.5 billion in added bailout from the US government.

As it’s known, the company has already gotten $12.5 billion December 2008.

The announcement is expected within days and will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations.

According to a person familiar with the deal, this measure has been crafted to return the company to profitability in the first quarter of 2010.

The new capital will let GMAC avert placing its ailing mortgage unit ResCap into bankruptcy.

GMAC hasn’t unveiled any specific details of these actions yet.