Unique Treatment of General Motors Acceptance Corp. (GMAC) under the TARP |
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| Author:
| Warren, Elizabeth |
| ISBN: | 978-1-4379-3080-1 |
| Publication Date: | Apr 2011 |
| Publisher: | DIANE Publishing Company
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| Book Format: | Paperback |
| List Price: | USD $35.00 |
Book Description:
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In 1919, GM founded its own in-house credit arm, GMAC. Over the decades, GMAC expanded and provided home mortgages, auto insur., and even financing to mfrs. and dist. in the non-auto sectors. In 2006, GM spun GMAC off into an independent co. By late 2008, GMAC¿s residential mortgage unit was suffering crippling losses due to the downturn in the housing market, and its auto financing operations faced an uncertain future as GM barreled toward bankruptcy. The Treasury Dept. concluded that...
More DescriptionIn 1919, GM founded its own in-house credit arm, GMAC. Over the decades, GMAC expanded and provided home mortgages, auto insur., and even financing to mfrs. and dist. in the non-auto sectors. In 2006, GM spun GMAC off into an independent co. By late 2008, GMAC¿s residential mortgage unit was suffering crippling losses due to the downturn in the housing market, and its auto financing operations faced an uncertain future as GM barreled toward bankruptcy. The Treasury Dept. concluded that GM could not survive without GMAC¿s financial underpinning. In 2008-2009, the fed. gov¿t. provided over $17 billion in emergency funding. This report is concerned that GMAC has not laid out a strategy for repaying taxpayers. This is a print on demand report.