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Government-owned GMAC loses $5 billion in 4Q
Feb 04, 2010 10:35 EST
GMAC reports $5 billion loss in 4th quarter, as money-losing mortgage unit weighs on results. Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter.
GMAC expects $5B 4Q loss, selling mortgage assets
Jan 05, 2010 21:11 EST
GMAC expects $5B loss in 4th quarter, mostly from writing down mortgage assets for sale. GMAC Financial Services, the consumer lender now majority owned by the government, said Tuesday it expects to report a loss of about $5 billion in the fourth quarter thanks to deep writedowns on underperforming mortgage loans it plans to sell.
US takes controlling stake in GMAC in third bailout
Dec 30, 2009 22:02 EST
The US government threw troubled GMAC a third lifeline, of 3.8 billion dollars, and took a controlling stake in a bid to turn around the mortgage and auto lender.
US Treasury injects 3.8 bln dlrs into ailing GMAC
Dec 30, 2009 21:09 EST
The US government unveiled a 3.8 billion dollar fresh capital injection into troubled GMAC, the former finance arm of General Motors that became a bank to access federal aid.
Govt gives GMAC $3.8B in new aid, boosts stake
Dec 30, 2009 19:17 EST
Government gives GMAC $3.8B in new aid to stabilize finance firm, adding to US loans of $12.5B. The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit.
Treasury to dole out $3.8 billion to GMAC, raise stake
Dec 30, 2009 18:55 EST
WASHINGTON (Reuters) - The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company.
GMAC CEO Alvaro de Molina steps down
Nov 17, 2009 07:15 EST
GMAC CEO de Molina steps down amid talks for more gov't aid, Michael Carpenter is new CEO. GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
Economic forecasts in bank tests miss their mark
Nov 09, 2009 19:05 EST
Bank tests find all but GMAC raised enough capital, but economic forecasts prove unrealistic. All but one of the 19 largest banks have raised the extra capital cushion regulators said they'd need to withstand a deeper recession ? a sign, the Treasury secretary said, of how much the financial system has improved since the crisis began.
You've seen the TV ads. So what is Ally Bank?
Nov 06, 2009 19:50 EST
You've seen the TV and print ads. So what exactly is Ally Bank?. Its TV and print ads poke fun at the bait-and-switch tactics of other banks. Its interest rates on CDs have been the most generous in the industry.
What's in a name? Companies past identities
Nov 06, 2009 16:42 EST
What's in a name? A look at companies that changed names. GMAC Bank recently reinvented itself as Ally Bank. The move was a way to distance itself from its troubled parent company GMAC Financial Services, which is negotiating its third infusion of taxpayer aid.
GMAC posts Q3 loss, hurt by mortgage unit
Nov 04, 2009 16:32 EST
NEW YORK (Reuters) - GMAC Financial Services, a lender that has received $12.5 billion in government bailouts, posted a third straight quarterly loss on Wednesday, hurt by red ink in its mortgage business.
GMAC Financial Services 3Q loss narrows
Nov 04, 2009 16:20 EST
GMAC posts smaller loss in 3rd quarter, but home lending unit weighs on results. GMAC, the main lender for GM and Chrysler customers and dealers, reported another quarterly loss Wednesday as bad loans continued to haunt its mortgage lending unit.
Treasury, GMAC in talks for 3rd round of US aid
Oct 28, 2009 17:47 EDT
Treasury says auto lender GMAC in talks for billions more in taxpayer funds to boost capital. GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the auto industry.
GMAC to offer new dealership incentives
Sep 24, 2009 13:30 EDT
Losing ground in auto financing, GMAC to offer new financial incentives to dealerships. GMAC Financial Services, the former financing arm of General Motors Co., is making a new push to recapture its share in the auto financing business by offering incentives to its most loyal dealers.
GMAC Financial posts wider 2Q loss of $3.9 billion
Aug 04, 2009 17:27 EDT
GMAC Financial posts wider 2nd-qtr loss of $3.9 billion on charges related to mortgages, taxes. GMAC Inc. said Tuesday it posted a wider second-quarter loss of $3.9 billion as it shifted from being primarily an auto and mortgage loan company to an online, retail bank.
Should the new GM start with a new name?
Jun 12, 2009 15:37 EDT
Rechristening GM: Marketing experts say a fresh name could help the automaker to a fresh start. ValuJet was reborn as AirTran. Philip Morris rechristened itself Altria. Blackwater became Xe.
Government now has 35.4 percent stake in GMAC
Jun 02, 2009 17:12 EDT
Government has 35.4 percent equity stake in GMAC after exercising right under loan to GM. The government now has an equity stake in auto lender GMAC Financial Services after providing $12.5 billion in aid to keep loans flowing to buyers of GM and Chrysler cars, the Treasury Department said Tuesday.
GMAC bank unit denies paying unfair interest rates
Jun 01, 2009 11:28 EDT
WASHINGTON (Reuters) - Ally Bank, the banking unit of auto and mortgage lender GMAC, on Monday denied competitors' complaints that it is paying excessive interest rates to attract deposits while on a government-funded lifeline.
GMAC receives $7.5B in new Treasury aid
May 22, 2009 15:32 EDT
Government gives auto lender GMAC more money to shore up capital, loan to Chrysler car buyers. The U.S. government could eventually own a majority stake in GMAC Financial Services following its latest $7.5 billion aid package to the ailing auto financing company.
Reports: Treasury set to lend GMAC more money
May 21, 2009 05:32 EDT
Treasury ready to lend more than $7 billion to GMAC, according to media reports. The Treasury Department is set to inject billions more dollars into GMAC Financial Services, according to media reports.
Facts from the Wikipedia page:
 | |
| Type | Private |
|---|---|
| Founded | 1919 |
| Headquarters |  Detroit, MichiganUSA |
| Key people | Michael Carpenter, CEO |
| Industry | Financial Services |
| Products | Mortgage loans |
| Revenue | ▼ US$ 21.187 Billion (2007) |
| Net income | ▼ US$ 2.332 Billion (2007) |
| Employees | 31,400 (2006) |
| Website | www.gmacfs.com |
