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GMAC Financial Services is expected to receive $3.5 billion more in federal aid to further stabilize the lender, The Wall Street Journal reported Tuesday.
The announcement is expected within days and would coincide with GMAC taking more steps to absorb losses related to its mortgage operations, the newspaper reported, citing people familiar with the situation.
GMAC, which is based in Detroit, has received $12.5 billion in taxpayer money and is 35 percent owned by the federal government.
Dec. 15 (Bloomberg) -- General Motors Co., the automaker that restructured in a 40-day bankruptcy, plans to repay government loans by the end of June, Chief Executive Officer Ed Whitacre said.
The automaker owes the U.S. $6.7 billion and Canada $1.14 billion out of $50 billion in government aid. The loans have a scheduled maturity of July 2015. GM, 61 percent owned by the U.S., doesn’t have a timetable for public trading of its shares, Whitacre told reporters at a roundtable in Detroit today.