GMAC

Auto giants lose their compensation, bosses get their salaries cut

October 23, 2009 - 5:17am | Articles | Figures

The government whacked the compensation of top executives at General Motors Co., Chrysler LLC and their financial arms Thursday.

Kenneth Feinberg, an independent official named to make sure taxpayer money isn't feathering the nests of company bigwigs, also ordered deep cuts for insurance giant AIG and financial houses Bank of America and Citigroup.

In metro Detroit, the order was a sobering reminder of Washington's involvement in the car business.

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GMAC reports wider second-quarter loss of $3.9 billion

August 5, 2009 - 2:47am | Banks and internet banks | News

GMAC Financial Services reported on Tuesday a wider second-quarter loss of $3.9 billion as it transformed from an arm of General Motors into an independent bank. The bulk of the latest quarterly loss stems from a $1.6 billion charge related to company`s mortgage business Revenue during the quarter dropped 28% to $1.27 billion from $1.76 billion. In the year-ago period, the company posted a loss of $2.48 billion.

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Decline of GM and seven missteps that led it that way

June 1, 2009 - 3:07am | Analytics | News

On Monday General Motors Corp is to file for bankruptcy which as most observers note will throw the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership. The filling confirmed by the Obama administration will be the third largest in U.S. history and the largest-ever U.S. manufacturing bankruptcy.

1 point

GMAC recruits 1,000 people to handle jumbo loans

April 17, 2009 - 4:53am | Banks and internet banks | News

General Motors’ Detroit based subsidiary GMAC LLC, that received government financial support announced that it intends to employ 1,000 people in order to handle a surge in refinancing and jumbo loans. GMAC also said Residential Capital LLC is making more jumbo loans, which are usually in amounts above $417,000, although borrowers are to put down 20% and more.

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GMAC may get up to $23.8 billion for recovery

December 29, 2008 - 7:06am | Figures | News

CreditSights reports that GMAC LLC may have applied for up to $6 billion in funds from the government's financial bailout program, and could potentially sell $17.5 billion in government-backed debt to sustain its viability. As it was already said last week the financial company which is owned by Cerberus Capital Management and General Motors Corp, on Wednesday gained an approval to become a bank holding company.

Bailout | General Motors | GMAC | TARP

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General Motors Acceptance Corporation approved by Fed as a bank holding company

December 25, 2008 - 4:08am | Banks and internet banks | News

Going on with the reports on handout of government rescue money, the Federal Reserve approved the application of the financing arm of General Motors for becoming a bank holding company. This in turn will allow General Motors Acceptance Corporation to apply for bailout from government's $700 billion Troubled Asset Relief Program.

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