TITLE

Bad Loans at GMAC Seen Costing GM

PUB. DATE
March 2007
SOURCE
American Banker;3/7/2007, Vol. 172 Issue 45, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses a charge of almost $1 billion that General Motors Corp. (GM) may have to take. In November of 2006, GM sold a 51% stake in its finance division, General Motors Acceptance Corp. (GMAC), for $14.4 billion, to Cerberus Capital Management LP. The author states bad loans from Residential Capital LLC (a division of GMAC) may cause GM to have to pay back $950 million.
ACCESSION #
24338012

 

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