Current Events — HabitableZone

Current Events

Government eats another bite of the financial sector

GMAC. Thanks to a couple of loan sales, I'm apparently now paying my mortgage to the Feds.

The Treasury Department said it will increase its stake in GMAC to 56 percent from 35 percent. It also will hold about $14 billion in what amount to loans that GMAC may eventually be required to repay. The government plans to appoint four of the company's nine directors.

GMAC becomes the sixth company taken over by the federal government in the last two years, joining mortgage financiers Fannie Mae and Freddie Mac, automakers General Motors and Chrysler, and the insurance company American International Group. The government also owns a large stake in Citigroup.

Log in or register to post.

The whole thread (2 posts)