11 March 2010


What ever happened to GMAC, the former lending arm of General Motors?

The federal government has so far spent $17.2 billion to bail out GMAC and now owns 56.3 percent of the company. Both GMAC and Treasury insist that the company is solvent and will not require any additional bailout funds, but taxpayers already bear significant exposure to the company, and the Office of Management and Budget (OMB) currently estimates that $6.3 billion or more may never be repaid.

A Congressional oversight panel for GMAC isn't impressed with how the situation has been handled so far, or by the company's lack of plan going forward.

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