Govt gives GMAC $3.8B in new aid, boosts stake

[clayinaustin]

Govt gives GMAC $3.8B in new aid, boosts stake

Forget about health care. The Federal Government is simply "buying" its way to Socialism!

The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new aid will boost the federal government's ownership in GMAC to 56 percent, from 35 percent, and means the U.S. now holds a majority stake in three companies that it bailed out with taxpayer funds — GMAC, General Motors and insurer American International Group Inc. The government also has taken control of mortgage giants Fannie Mae and Freddie Mac.

 

[Steve 1]

Got to cut the purse strings to the Rats in 2010.

 

[Tommy Gun]

GMAC??? Crap...they bought my mortgage a few months ago; time to pay that puppy off. I do not want to be controlled by socialists, nor will I buy a GM car...I'm now a Ford guy again.

 

[Carguy]

GMAC??? Crap...they bought my mortgage a few months ago; time to pay that puppy off. I do not want to be controlled by socialists, nor will I buy a GM car...I'm now a Ford guy again.

GMAC mortgage is a different company from GM. Has been.

 

[cuda]

It stands for General Motor Acceptance Corporation.

 

[Wobble]

It stands for General Motor Acceptance Corporation.

GM has not held a controlling interest in GMAC since March of 2006. They owned about 10% as of last June. They are also the finance company for Chrysler.

 

[Tommy Gun]

Thread is about GMAC Financial services according to the link...not GM.

 

[clayinaustin]

Thread is about GMAC Financial services according to the link...not GM.

Correct. GMAC is in trouble because of its mortgage business.

 

[cuda]

GMAC is in the business of lending money,

 

[boatme]

Shouldnt bail ANYONE out

we need to fire EVERY politician out there and start over

Man we are in such trouble with this (and any ) administration