Troubled auto and mortgage lender GMAC shook up its executive suite on Monday, naming former Citigroup executive Michael Carpenter CEO.
What do you know? The suits at troubled finance firm GMAC must like working for less money. How else to explain that GMAC is reportedly trying to get a third helping of government rescue funds? GMAC is one of the seven firms that the Obama administration announced sweeping changes in executive compensation for last week.
Will the third bailout be the charm for GMAC?
GMAC Financial Services is seeking a third round of bailout funds from the U.S. Treasury Department, according to a report in the Wall Street Journal.
Stocks were poised to fall at Wednesday's open, as investors worry that it still may take some time before the economy fully recovers.
One road to regulatory reform runs through Detroit and Utah -- and there are signs the ride could get bumpy.
Auto dealers are using rebates, discounts, and other incentives to lure buyers back into their showrooms. But once they get customers through the door, dealers are still battling an issue that has troubled the industry for months: a lack of financing.
Though its name connotes friendliness, Ally Bank -- the lending unit of troubled financial services giant GMAC -- has found at least one powerful foe in Washington.
There's a silver lining for the latest U.S. banks to unveil their stress-test-mandated capital raising plans: despite their troubles, there's another bank that is diluting existing shareholders more.
The Obama administration announced Thursday that it has invested $7.5 billion in GMAC, aiming to prop up the troubled lender and boost its ability to make loans to Chrysler dealers and customers.
Troubled auto and mortgage lender GMAC shook up its executive suite on Monday, naming former Citigroup executive Michael Carpenter CEO.
What do you know? The suits at troubled finance firm GMAC must like working for less money. How else to explain that GMAC is reportedly trying to get a third helping of government rescue funds? GMAC is one of the seven firms that the Obama administration announced sweeping changes in executive compensation for last week.
Will the third bailout be the charm for GMAC?
GMAC Financial Services is seeking a third round of bailout funds from the U.S. Treasury Department, according to a report in the Wall Street Journal.
Stocks were poised to fall at Wednesday's open, as investors worry that it still may take some time before the economy fully recovers.
One road to regulatory reform runs through Detroit and Utah -- and there are signs the ride could get bumpy.
Auto dealers are using rebates, discounts, and other incentives to lure buyers back into their showrooms. But once they get customers through the door, dealers are still battling an issue that has troubled the industry for months: a lack of financing.
Though its name connotes friendliness, Ally Bank -- the lending unit of troubled financial services giant GMAC -- has found at least one powerful foe in Washington.
There's a silver lining for the latest U.S. banks to unveil their stress-test-mandated capital raising plans: despite their troubles, there's another bank that is diluting existing shareholders more.
The Obama administration announced Thursday that it has invested $7.5 billion in GMAC, aiming to prop up the troubled lender and boost its ability to make loans to Chrysler dealers and customers.
As Chrysler heads to bankruptcy court today in New York City, it becomes the highest profile failure for the private equity industry and its former owner Cerberus. But there is a slender silver lining for the New York money men.
Should bank bondholders really be heading for the exits? In recent weeks the prices of some troubled banks' subordinated debt have declined sharply and the cost of insuring it against default has risen.
GMAC chairman J. Ezra Merkin, who lost billions after getting caught up in the Madoff scandal, resigned from the finance company's board Friday.
In yet another move to prop up the crumbling U.S. auto industry, the government announced Monday that it will pump $6 billion into GMAC Financial Services, a financing company critical to the survival of General Motors.
Auto finance company GMAC on Wednesday announced the results of a vote that the company said would help it become better capitalized and viable for the future.
Wall Street surged Tuesday in an end-of-the-year bargain buying spree as investors scooped up a variety of shares hit hard in the 2008 stock market battering.
Now that it has received $6 billion in aid from the federal government, GMAC, General Motors' auto financing affiliate, is easing up its terms for writing new auto loans. That means you could have an easier time financing a GM car, but you should still look at all your alternatives.
Stocks gained Tuesday morning as investors welcomed the government's decision to pour $6 billion into GMAC, the financing arm of struggling automaker General Motors.
Stocks closed higher Friday, for the second session in a row, in a sparsely traded, post-holiday session.
The Federal Reserve on Wednesday opened the door for GMAC to get federal bailout money by granting the troubled General Motors finance arm status as a bank holding company.
President Bush has thrown a lifeline to GM and Chrysler, but problems at their financing arms could throw a wrench into recovery plans.
Auto finance firm GMAC has doubled the amount of capital it has raised from its creditors, moving it closer to qualifying for much needed federal funds.
GMAC's hopes of being able to tap into much needed federal dollars got a lift after the financing company announced late Friday that it has reached an agreement in principal with the holders of a significant portion of its debt.
GMAC Financial Services, the finance unit tied to automaker General Motors, said Wednesday it is coming up well short in its efforts to raise the capital it needs to become a bank holding company, a move the unit is counting on to gain access to needed funds from the Treasury Department and Federal Reserve.
GMAC Financial Services announced Thursday that it is seeking government assistance, trying to access the $700 billion set aside for banks that its parent General Motors has so far been denied.
General Motors dealers are complaining that GM's "captive financing" arm isn't doing what it was set up to do - help them move cars. And if it continues, they say, they could lose their lots.
About one in six U.S. drivers wouldn't be able to pass a written driving test if they took it today, according to a new study.
Until a couple of months ago, hardly anyone outside the mortgage business paid attention to ResCap, the residential mortgage unit of auto finance giant GMAC. Yet financial problems at ResCap continue to bedevil GMAC and its 49% owner, General Motors - at a time when the auto giant has plenty of problems of its own.
Is it just your imagination, or do many of your fellow motorists lack even a rudimentary grasp of traffic laws?
Stocks could have trouble Thursday as investors struggle to shake off concerns about credit markets, oil prices and a warning about a slowdown in the tech sector.
Residential Capital LLC, the home lending arm of the former General Motors finance unit GMAC, announced it is cutting 3,000 jobs, or 25 percent of its already reduced staff, in the latest fallout from the meltdown in mortgage markets.
GMAC, the finance company in which General Motors Corp sold a majority stake, posted a 63 percent decline in second-quarter profit Monday, hurt by losses in its home lending unit.
A new discount plan from GMAC Insurance gives a discount on premiums to drivers of General Motors vehicles with the OnStar service if they let the insurer track the number of miles they drive.
During the height of the real estate bubble, mortgage lenders were often shameless in how they pursued new business. Whether it was jacking up hidden closing costs to make loans appear cheaper than they were or using absurdly-low teaser rates on option- or interest-only ARMs to get customers in the door, lenders made owning a home seem easy.
General Motors Thursday reported improved results from its auto operations in the first quarter, but problems in subprime mortgages contributed to earnings that missed Wall Street forecasts by a mile.
In 2006 General Motors appeared to be back from the dead, thanks in part to selling 51% of its best-performing division--GMAC--to buyout firm Cerberus Capital Management. But instead of printing mo...
Few private equity shops walk as softly or carry as big a stick as Cerberus, the most under-the-radar of all buyout kings. There are no multi-million dollar birthday parties for founder Steven Feinberg, the former U.S. Army paratrooper who prefers Budweiser to fine wine. The upper floors of the firm's Park Avenue offices are spartan, unadorned warrens of cubicles where some of the best minds in business pore over deals and run numbers. And without flash or ado, Cerberus has quietly bested bigger rivals for deals, snatching GMAC from KKR and Albertson's from Thomas H. Lee Partners.
General Motors reversed a year-earlier loss to post a profit Wednesday, but it badly missed Wall Street forecasts, as a big improvement at its core North American auto operations was partly offset subprime woes as its suddenly troubled home mortgage business saw a $661 million loss.
General Motors roared past even the most optimistic Wall Street forecasts Wednesday as it reported a large operating profit and made money from its core auto operations for the first time since 2004.
General Motors cleared a major hurdle in its efforts to sell its GMAC finance unit as the federal agency that insures pensions said the buyer won't be held responsible for the automaker's obligations to retirees.
The tiny state of Rhode Island still ranks rock bottom in terms of driving knowledge, according to a national test conducted by GMAC Insurance. Oregon drivers answered the most questions correctly.
General Motors finally announced an agreement Monday to sell a majority stake in GMAC in a deal meant to raise cash and let its profitable finance subsidiary shed its junk bond status.
The financial challenges for General Motors' GMAC finance unit may not go away, even if a majority stake in the operation is sold, as is widely expected.
General Motors Corp. on Tuesday restated nearly four years of results for its GMAC finance unit -- a subsidiary in which it's trying to sell a controlling stake to raise cash and boost its finances.
General Motors Corp. Tuesday restated nearly four years of results for its GMAC finance unit -- a subsidiary it's trying to sell a controlling stake in to raise cash and give a boost to its finances.
General Motors Corp. is working to correct accounting errors related to its residential-mortgage division, and may file its annual report within the week, according to a article published Monday
U.S. stocks were set to open higher Monday, helped by lower oil prices, as investors await the start of the two-day meeting of the Federal Reserve
General Motors completed the sale of a majority stake in the commercial mortgage division of its GMAC finance unit Thursday, receiving $9 billion in cash from the transaction.
The bad got worse for embattled automaker General Motors Corp., as the company's shares took another hit from a new trove of accounting problems and losses detailed by the company.
Japan's Norinchukin Bank, a bank for agricultural co-operatives and one of the country's largest financial institutions, is considering joining a consortium led by U.S. Cerberus Group to acquire General Motors Corp.'s finance arm GMAC, a source close to the bank said Tuesday.
General Motors is putting pressure on its investment bankers to reach the outline of a deal to sell a majority stake in its GMAC finance arm before its board meets Monday, according to a published report.
Stocks made modest gains at the start of trading Monday as enthusiasm over merger activity offset rising oil prices.
With a new year in front of us, it's also a great way to make a fresh financial start. From getting out of debt to saving some Benjamins, here's the best ways to keep your financial resolutions.
This year will probably be remembered as the one when the wheels fell off of General Motors Corp.
When faced with a written test, similar to ones given to beginning drivers applying for licenses, one in ten drivers couldn't get a passing score, according to a study commissioned by GMAC Insurance.
There is a growing expectation on Wall Street that General Motors Corp. is looking at a major restructuring that could include the sale of all or part of GMAC, its profitable finance arm, according to a published report.
Kohlberg Kravis Roberts & Co. is in advanced talks to buy a majority stake in the commercial mortgage business at General Motors' finance arm, GMAC, for at least $1 billion, according to a published report.
Members of the real estate establishment insist that commissions are negotiable—so take them at their word. Treat the quoted rate as a sticker price and haggle from there. No doubt your agent will ...
Want a credit card that earns you free private-jet travel? Check out the new Stratus Rewards Visa. Gift certificates for your dog? There's a new card for that too. Even Donald Trump recently launch...
If you're looking for plastic, chances are there's an option out there for you. Banks and other financial institutions offer some 30,000 different credit cards to consumers.
On the face of it, the management team at General Motors has good reason to be declaring victory these days. To the amazement of countless skeptics, it has guided the world's largest automaker to i...
Top-quality zero-coupon bonds offer a terrific payoff--a virtually guaranteed return if you hold a bond until maturity. But most zeros carry a big disadvantage as well: You have to pay tax on the i...
How about a round of doubles? no, we don't mean tennis. we're talking about investments that could double in value over the next five years. Of course, if you're just beginning to learn the ways of...
Now that mortgage rates have dropped to their lowest levels since 1987 -- about 7% for one-year adjustable-rate loans and 9.3% for 30-year fixed mortgages -- you may be tempted to buy a home or ref...
Last month Chrysler Credit joined Ford Motor Credit and GMAC in using an unpublicized formal ranking system to determine the rate charged on standard car loans. Until GMAC pioneered the system in 1...
Traditionally, auto lenders have charged all borrowers the same interest rates. But over the past year, GMAC, Ford Motor Credit and other big lenders have started offering lower rates to car buyers...
MOST OF the Bush Administration's suggestions for overhauling the banking system look comfortably familiar. Save one: allowing industrial companies to buy banks. Opponents worry that this idea will...
Home-equity loans can turn almost anything you want into something you can afford. -- Seattle bank advertisement Now appearing in newspapers nationwide, ads like this aim to change the self-image o...
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