GMAC May Receive Another $7.5 Billion from U.S. Government

Tom Ludwick
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Reuters reports that GMAC may be in line for another $7.5-billion infusion, whichcould come as early as next week. The troubled lender needs to raise $11.5 billion in capital incase the economy continues to spiral downward.

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The former financing arm of GM already has received $5 billion from the government. Plus, the treasury has lent GM $884 million to support GMAC's lending activities.

Part of Chrysler's restructuring included GMAC assuming the business of Chrysler Financial. When Chrysler's bankruptcy was announced, the Obama administration said it would offer enough support to enable GMAC to finance Chrysler's sales.

Source: Reuters </span>;

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