egmCarTech

The U.S. Treasury Department said last night that it will purchase a $5 billion stake in GMAC LLC “as part of a broader program to assist the domestic automotive industry in becoming financially viable.” The move is seen as a move aimed at easing the worst credit crisis since the 1930s. As a part of [...]

GMAC LLC has won approval from the Federal Reserve today to become a bank holding company. After General Motors and Cerberus agreed to cut their stakes in the company, GMAC now has access to government lending programs, reports Automotive News. GM has reduced its stake from 49 percent to no more than 10 percent, while [...]