Skip to: Content
Skip to: Site Navigation
Skip to: Search
FRIDAY, NOVEMBER 27, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


0

GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

Share

(Newser) – The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17.4 billion in emergency loans the White House has extended to GM and Chrysler.

A GMAC bailout would make it easier for General Motors buyers to get low-interest car loans.
A GMAC bailout would make it easier for General Motors buyers to get low-interest car loans.   (AP Photo)
General Motors CEO Rick Wagoner meets with the media. The Fed today approved the conversion of the company's financial arm into a bank-holding company, giving it access to bailout funds.
General Motors CEO Rick Wagoner meets with the media. The Fed today approved the conversion of the company's financial arm into a bank-holding company, giving it access to bailout funds.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow

GMAC will be well-capitalized on completion of the proposal. - Federal Reserve statement

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
0 comments
VIEWING:
 
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

196 Stories

 Congress' New 
 Whipping Boy: 
 The Fed 

Bernanke & Co. run into populist ire over Wall St bailouts, unemployment

Nov 23, 09 8:54 AM CST
(Newser) - When Fed Chair Ben Bernanke goes before Congress next month seeking a second term, he'll run straight into cantankerous legislators riding a tide of populist rage over the Wall Street bailout and high unemployment. While the Fed acted decisively to bail out the financial markets last year, it's widely viewed... More »

MORE ABOUT:
Congress • Ben Bernanke • Congressional oversight • Federal Reserve • Ron Paul • unemployment • populist • financial crisis • Wall Street bailout • anger Federal Reserve

 Fed Report 
 Rakes Geithner 
 Over AIG Bailout 

He's accused of handing AIG creditors 'backdoor bailout'

Nov 17, 09 4:18 AM CST
(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the... More »

MORE ABOUT:
Federal Reserve • AIG • Federal Reserve Bank of New York • financial crisis • Wall Street bailout • New York Federal Reserve Bank • Neil Barofsky

UPDATED


 GM to Repay Bailout Early, 
 Posts (Smaller) $1.2B Loss 

Auto giant speeds $1.2B per quarter repayment sked

Nov 16, 09 6:48 AM CST
(Newser) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today... More »

MORE ABOUT:
General Motors • Detroit • auto industry • auto bailout • Cash for Clunkers

196 Stories


Treasury pot gets $4.7B smaller
Associated Press

GM was left with little breathing room
CNNMoney

Some bondholders balk on GMAC changes
New York Times


Business 
TwitterFollow @NewserBusiness on Twitter

 
Chrysler • Cerberus Capital Management • Federal Reserve • General Motors • bank • auto industry • GMAC • financial crisis • Wall Street bailout • auto bailout

from our news partners

PopEater.com