GMAC LLC Receives $6 Billion Federal Bailout
ec. 30 (Bloomberg) — GMAC LLC, bolstered by a $6 billion federal bailout, resumed lending to General Motors Corp. customers with lower credit scores as the U.S. stepped up efforts to keep the automaker in business. The Treasury said yesterday it will take a $5 billion stake in Detroit-based GMAC, the financing arm of GM, and lend $1 billion to
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Citibank’s Bailout
The second largest bank in the United States is receiving another significant bailout. The federal government announced late Sunday night it has agreed to invest $20 billion more and accept 90% of the losses on more than $300 billion worth of troubled mortgage-backed assets. The company will cover
GM Loses Bailout and Now Tiger
Nov. 24 (Bloomberg) — General Motors Corp. said it agreed to discontinue its marketing accord with Tiger Woods, the world’s top-ranked golfer, at year’s end. Woods, 32, endorsed GM products including the Buick brand for the past 9 years, Pete Ternes, a spokesman for the Detroit- based automaker,
Fed Cuts Interest Rate
The Fed announced its cutting its interest rates down to a single point from one and a half percent. The new rate will be the lowest since 2004. It’s primary objectives are to increase the sinking consumer confidence levels and help battle high unemployment levels.
Stranger Buys Foreclosed Home and Gives it to Previous Owner
A Texas woman stepped up to help another suffering woman when she bought her foreclosed home and returned it. Embedded video from CNN Video