Posts Tagged ‘GMAC’

A Report To GMAC’s Owners

Taxpayers, Here is a bit of financial news on one of the newest additions to your portfolio. GMAC today reported a $7.48 billion fourth-quarter profit! Last year they lost $724 million and for the first three quarters of this year they lost $7.9 billion. Congratulations to all of you. Under your wing things are looking a […]

Did The Fed Do An About Face On GMAC?

Not that it makes a whit of a difference, but for the record, the GMAC note exchange program failed rather miserably to reach it goal of converting 75% of its debt to preferred stock. The company announced yesterday that about 59% of the debt had been tendered. Nevertheless, GMAC has attained bank holding company status […]

GMAC Wants To Lend You Some Of Your Own Money

If the shenanigans surrounding the GMAC conversion to a bank holding company haven’t gotten under your skin, then maybe this will. GMAC announced that it intends to significantly lower its lending standards in order to in its own words “… (get) back in the game.” GMAC said that it intended to lower its minimum FICO […]

Washington Acquires A Car Company

By tomorrow morning there should be some clarification on this, but for the time being the GMAC debt swap/government investment/bank holding company status just gets curiouser and curiouser. The word tonight is that the government has committed $6 billion to GMAC in the form of a $5 billion preferred equity investment and a $1 billion […]

GMAC Is Silent On Its Bond-Exchange

Strangely, GMAC is not saying a word about the success or failure of its bond-exchange program. The offer to exchange debt for equity expired Friday night but the company has yet to say if it succeeded or failed. The offer is crucial to GMAC’s transformation into a bank holding company and thus access to TARP […]

The Fed Approves GMAC’s Bank Application

The New York Times is out with a report that the Fed has approved GMAC’s application to become a bank. So you can add several more billion dollars to the Detroit bailout commitment as GMAC will now be able to tap the TARP. The anomalies just keep getting stranger and stranger as this moves on. […]