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US Government to support auto-lender GMAC

Written By Lee Sibbald Published On: Dec 30 2008
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The Bush administration has announced that it is buying $5 billion worth of equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion. The action was the latest in a lengthy series of emergency government moves aimed at easing the worst credit crisis since the 1930s and limiting the severity of a year-long recession.The Treasury Department said it would buy $5 billion in senior preferred equity with an 8 percent dividend from GMAC as part of an effort to ensure the solvency of a company considered crucial to GM's survival.It also said it would lend up to $1 billion to fund GM's purchase of equity in support of GMAC's reorganization as a bank holding company. That loan would come on top of assistance extended to the No. 1 U.S. automaker earlier this month.Source: Guardian.co.uk

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