U.S. taking majority ownership of GMAC

The federal government said Wednesday it will take majority control of the troubled auto lender GMAC, providing another $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.

GMAC, which already has taken $12.5 billion in direct federal aid along with other forms of government support, is the largest lender to General Motors and Chrysler dealerships and to their auto-buying customers.

For more information, visit washingtonpost.com - http://link.email.washingtonpost.com/r/HXJVEI/78THX/950CE3/FRD37E/47GTN/9A/t
James Morton
1100-5255 Yonge Street
Toronto, Ontario
M2N 6P4

416 225 2777