GMAC’s Latest Bailout: $3.5 Billion More In Aid, According To Report

WASHINGTON — 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 would need to stabilize the company.

Read more: Treasury Department, General Motors, Bailout, Ally Bank, Detroit, Gmac, GMAC Bailout, Business News

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