Here Comes Another GMAC Bailout
I guess that Ally Bank isn't making as much money as GMAC had hoped as they're sniffing at the great government teat again. Or so we hear from an AP source:
The government on Wednesday was moving ahead with a fresh multibillion dollar cash infusion to stabilize auto finance company GMAC Financial Services as it continues to struggle with big losses in its home mortgage unit, according to a person with knowledge of the matter.
The person, who spoke on condition of anonymity because discussions weren't complete, says the government aid would range around $3 billion. That would be less than the roughly $6 billion the government had earlier thought GMAC (GJM) would need to stabilize the company.
Hmmm, this is absolutely not surprising or anything.